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Winters Inc., a golf club manufacturer, is currently paying dividends of $.50 per share. These dividends are expected to grow at a 20% rate for

Winters Inc., a golf club manufacturer, is currently paying dividends of $.50 per share. These dividends are expected to grow at a 20% rate for the next two years and at 3% rate thereafter (forever). What is the value of the stock if the appropriate discount rate is 14%?

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