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X Inc. will pay in one year ( at time 1 ) a dividend of $ 4 . 0 0 . The dividend is expected

X Inc. will pay in one year (at time 1) a dividend of $4.00. The dividend is expected to grow at 12.00% per year until (and including) year 3. After this, dividends will grow at 3.00% per year in perpetuity. Assume the discount rate is 6.00%. What is the stock currently worth?

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