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Bretton, Inc., just paid a dividend of $3.95 on its stock. The growth rate in...

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Accounting

Bretton, Inc., just paid a dividend of $3.95 on its stock. The growth rate in dividends is expected to be a constant 5 percent per year, indefinitely. Investors require a return of 14 percent on the stock for the first three years, a rate of return of 12 percent for the next three years, and then a return of 10 percent thereafter.

What is the current share price for the stock?

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