Bulldog stock doesn't currently pay dividends, but you expect it to pay its first dividend...
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Accounting
Bulldog stock doesn't currently pay dividends, but you expect it to pay its first dividend of $2.32 exactly 3 years from now. Thereafter, future annual dividends will grow at a constant 4.0% per year. What is a fair price for the stock today if the equity cost of capital is 8.3%? Round your answer to the nearest penny.
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