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Pera Inc does not currently pay dividends. The company will start with an annual dividend of...

Pera Inc does not currently pay dividends. The company will start with an annual dividend of $11 at the end of year 3 and will pay the same amount each year untill year 9. Thereafter, it will increase the dividends by 3% per year forever. If the required rate of return on this stock is 9% what is the price of this stock today?

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