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Company share immediately after dividend payment

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External Byte is a recently listed company. The shareholders in this company have just received a dividend payment and they have been told that their next dividend payment will be $2.24. Investors expect this dividend to grow at constant rate of 1% pa thereafter. Assume that the required return for the investor is 12% pa.

a) Calculate the value of the company's share immediately after the dividend payment. Give your answer in dollars and cents to the nearest cent.

Reference no: EM132465430

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