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You are considering the purchase of a common stock that just paid a dividend of $ 2 . 0 0 . You expect this stock

You are considering the purchase of a common stock that just paid a
dividend of $2.00. You expect this stock to have a growth rate of 15% for
the next 3 years, then to have a long run normal growth rate of 6%. If you
require a 15% rate of return, how much would you be willing to pay for this
stock?

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