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Could I Industries just paid a dividend of $1.25 per share. The dividends are expected...

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Accounting

Could I Industries just paid a dividend of $1.25 per share. The dividends are expected to grow at a 16 percent rate for the next 5 years and then level off to a 5 percent growth rate indefinitely. If the required return is 17 percent, what is the value of the stock today? (Do not round intermediate calculations. Round your answer to 2 decimal places. Omit the "$" sign in your response.)

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