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Burton Corp. is growing quickly. Dividends are expected to grow at a rate of 28 percent for the next three years, with the growth rate falling off to a constant 7.4 percent thereafter.

If the required return is 16 percent and the company just paid a dividend of $3.45, what is the current share price? (Hint: Calculate the first four dividends.) (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92311814

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