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Winters Inc., a golf club manufacturer, is currently paying dividends of $ 1 0 per share. These dividends are expected to grow at a 1

Winters Inc., a golf club manufacturer, is currently paying dividends of $10 per share. These dividends are expected to grow at a 15% rate for the next four years and at 5% rate thereafter (forever). What is the value of the stock if the appropriate discount rate is 10%?

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