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  3. a firm recently paid a $0.85 annual dividend. the

A firm recently paid a $0.85 annual dividend. The dividend is expected to increase by...

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Finance

A firm recently paid a $0.85 annual dividend. The dividend is expected to increase by 12 percent in each of the next four years. In the fourth year, the stock price is expected to be $60. If the required return for this stock is 14.50 percent, what is its current value? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

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