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You are running an Internet company. Analysts predict that its dividends will grow at 10 percent per year for the next five years. After that,

You are running an Internet company. Analysts predict that its dividends will grow at 10 percent per year for the next five years. After that, as competition increases, dividend growth is expected to slow to 7 percent per year and continue at that level forever. Your company has just paid a dividend of $3 per share. What is the value of this company today if the interest rate is 5 percent?

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