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You want to invest in a stock that pays $ 2 3 annual cash dividend for the next 1 2 years. At the end of

You want to invest in a stock that pays $23 annual cash dividend for the next 12 years. At the end of the 12 years, you will sell the stock for $50. If you want to earn 13% on this investment, what is a fair price for this stock, today?

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