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You are covering Park National Bank, Inc. stock, and have prepared the following estimates of the company's dividends over the next five years: Year 1:

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You are covering Park National Bank, Inc. stock, and have prepared the following estimates of the company's dividends over the next five years: Year 1: S1.50 Year 2: $1.65 Year 3: S1.75 Year 4: 1.83 Year 5: S1.90 After year 5. you expect dividends to grow at a constant rate of 4.0%. The required rate of return on equity is 9.5%. What is the value of the stock based on your estimates

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