What is the price of the stock today, Finance Basics

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What is the price of the stock today

Problem

New Gadgets, Incorporated, currently pays no dividend but is expected to pay its first annual dividend of $5.05 per share exactly 10 years from today. After that, the dividends are expected to grow at 3.8 percent forever. If the required return is 11.6 percent, what is the price of the stock today?

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