If the required rate of return on dulls common stock is 15


Dull Company is expected to grow at various rates over the next three years. The company just paid a $5 dividend. The company expects to grow at 20% for the next two years (effecting D1, D2), then the company expects to grow at a constant rate of 10% per year indefinitely. If the required rate of return on Dull's common stock is 15%, what is a share of Dull's stock worth?

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Financial Management: If the required rate of return on dulls common stock is 15
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