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You are forecasting a stock to pay the following dividends: $4.50 , $3.75 , $4. The dividends will then begin declining at a rate of

You are forecasting a stock to pay the following dividends: $4.50 , $3.75 , $4.

The dividends will then begin declining at a rate of 7.5% for the foreseeable future. What is the intrinsic value of this stock if the required return is 14%?

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