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Assume the firm is expected to pay a dividend of $2.25 per share at end...

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Assume the firm is expected to pay a dividend of $2.25 per share at end of this year. Sales and profit for the firm are forecasted to grow at a rate of 20% for 2 years after that, then grow at 5% per year forever. Dividend and sales growth are expected to be equal. If the firm shareholders require a 15% return, then the per-share value of common stock based on the dividend discount model is

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