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You expect that Microsoft will pay a dividend of $ 1 . 5 in one year, $ 1 . 7 9 in two years, and

You expect that Microsoft will pay a dividend of $1.5 in one year, $1.79 in two years, and $1.88 in three years. After that, dividends are expected to grow at 3% per year. If your required rate of return is 5%, what should be the price of Microsoft today according to the Dividend Discount Model?

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