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XanEx is a new firm that just paid an annual dividend of $1 a share. The firm plans to increase its dividend by 10 percent

XanEx is a new firm that just paid an annual dividend of $1 a share. The firm plans to increase its dividend by 10 percent a year for the next 4 years and then decrease the growth rate to 2 percent annually. If the required rate of return is 18.25 percent, what is one share of this stock worth today?

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