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Storico Co just paid a dividend of $2.65 per share. The company will increase its dividend by 20 percent next year and will then reduce its dividend growth rate by 5 percentage points per year until it reaches the industry average of 5 percent dividend growth, after which the company will keep a constant growth rate forever. If the required return on Storico stock is 12 percent, what will a share of stock sell for today?
Show formulas and work please
The five basic principles of finance include all of the following EXCEPT Cash flow is what matters. Money has a time value. Risk requires a reward. Incremental profits determine value.
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