What is the price of the stock today

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Hifalutin Inc., is experiencing a period of rapid growth. Earnings and dividends are expected to grow at a rate of 18 percent during the next two years, 15 percent in the third year, and then at a constant rate of 6 percent thereafter. Hifalutin's last dividend, which has just been paid, was $1.15. If the market capitalization rate on the stock is 10 percent, what is the price of the stock today?

Reference no: EM133076695

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