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Crane Corp. will pay dividends of $5.00, $6.25, $4.75, and $3.00 in the next four years....

Crane Corp. will pay dividends of $5.00, $6.25, $4.75, and $3.00 in the next four years. Thereafter, management expects the dividend growth rate to be constant at 6 percent. If the required rate of return is 15.50 percent, what is the current value of the stock? (Round all intermediate calculations and final answer to 2 decimal places, e.g. 15.20.)

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D1 6% 15.50% Pv Factor Present Value 0.8658 $ 4.33 0.7496 $ 4.69 0.6490 $ 3.08 0.5619 $ 1.69 D2 D3 5.00 6.25 4.75 3.00 3.18 3

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