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You want to invest in a stock that pays $4 annual dividends for the next five years. At the end of the five years, you

You want to invest in a stock that pays $4 annual dividends for the next five years. At the end of the five years, you will sell the stock for $20. What is the value of this stock today if you want to earn 8% on this investment? (round to $1 if needed)

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