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Brandy Company has not paid dividends in the past. It is expected that Brandy will...

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Accounting

Brandy Company has not paid dividends in the past. It is expected that Brandy will pay its first dividend three years from now in the amount of $3.50. The dividends are expected to increase at an average rate of 7.5% for the foreseeable future after that. If cost of equity is 12.5%, what would be the current value of Brandys shares?

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