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Sunny Corporation's common stock recently paid its annual dividend of $2.23 per share. The company...

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Sunny Corporation's common stock recently paid its annual dividend of $2.23 per share. The company is expected to grow at the rate of 20% per year for next three years then its grow rate will settle down to a constant 5% indefinitely. Investors require 12% return for the stock. How much should investor pay the stock now? Instruction: Round all answers to two decimal places. Do not include $, positive (+), or negative (-) sign

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