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You are evaluating the stock of InnovateTech Inc., a company expected to have a significant change in its growth pattern. Currently, the company pays a

You are evaluating the stock of InnovateTech Inc., a company expected to have a significant change in its growth pattern. Currently, the company pays a dividend of $3 per share. Dividends are projected to grow at a rate of 15% per year for the next four years. After that period, the growth rate is expected to stabilize at 5% per year indefinitely. The required rate of return for InnovateTech Inc. is 10%. What is the current intrinsic value of InnovateTech Inc.'s stock?

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