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CX Enterprises has the following expected dividends:
$1.08
in one year,
$1.15
in two years, and
$1.27
in three years. After that, its dividends are expected to grow at
4.4%
per year forever (so that year 4's dividend will be
4.4%
more than
$1.27
and so on). If CX's equity cost of capital is
12.4%,
what is the current price of its stock?
The price of the stock will be
$
(Round to the nearest cent.)
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