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A stock just paid dividends of $1.20 per share. The stock's required return is 12%. Dividends...

A stock just paid dividends of $1.20 per share. The stock's required return is 12%. Dividends are expected to grow at 20% per year for two years, then at 15% for another 2 years and finally at 8% forever. What will be the equilibrium price of the stock?

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