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QUESTION
A firm does not pay a dividend. It is expected to pay its first dividend of $.20 per share in three years. This dividend will grow at 11 percent...
A firm does not pay a dividend. It is expected to pay its first dividend of $.20 per share in three years. This dividend will grow at 11 percent indefinitely. Use a 12 percent discount rate.
Compute the value of this stock. (Round your answer to 2 decimal places.)
