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You expect that a company will pay the following dividends in the next three years: $ 1 . 9 5 , $ 2 . 1

You expect that a company will pay the following dividends in the next three years: $1.95,
$2.11, and $2.20. After these, you expect that the dividends will grow at a constant rate of
3.5% per year. What is the stock price if the discount rate is 10%?

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