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You are estimating the price of a stock expected to pay the following dividends: $1.75 one year from now, $1.95 two years from now, and

You are estimating the price of a stock expected to pay the following dividends: $1.75 one year from now, $1.95 two years from now, and $2.05 three years from now. Starting four years from now, dividends will be held constant at $2.36 per share forever. If the annual cost of equity capital is 8.6 percent, what is this stock worth today?

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