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Entertainment, Incorporated, has an odd dividend policy. The company has just paid a dividend of $4.50 per share and has announced that it will increase the dividend by $8.00 per share for each of the next five years and then never pay another dividend. If you require a return of 10 percent on the company's stock, how much will you pay for a share today? (Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Current share price: ____
Sagot :
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