Problem:

Revarop, Inc., is a fast-growth company that is expected to grow at a rate of 23 percent for the next four years. It is then expected to grow at a constant rate of 6 percent. Revarop's first dividend, of $4.45, will be paid in year 3.

Required:

Question: If the required rate of return is 14 percent, what is the current value of the stock if dividends are expected to grow at the same rate as the company?

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