Estimate the value of a share of stock for each of the following companies using the constant growth model and estimating the average annual growth rate of dividends from 20X1 through 20X6 as given below as the basis for estimated growth beyond 20X6:

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Company 1 2 3 4 Dividends per Share 20X1 $1.00 $2.00 $0.50 $0.25 20X6 $1.20 $1.80 $0.60 $0.30 Discount Rate 8% 9% 7% 12%