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You are purchasing a stock which is expected to have 5% growth in dividend for the next 3 years. The stock's growth rate is expected

You are purchasing a stock which is expected to have 5% growth in dividend for the next 3 years. The stock's growth rate is expected to drop to 2% after the third year. Last year's dividend was $4.00, and the required rate of return on the stock is 8%. What is the fair value of this stock?

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