Question: A firm has just declared that its dividend next year will be $5 per share. That rate of payment will continue for an additional 4

A firm has just declared that its dividend next year will be $5 per share. That rate of payment will continue for an additional 4 years, after which the dividends will fall back to their usual $4 per share. The discount rate is 12%.

What is the present value of all the future dividends?(Round answer to 2 decimal places, e.g. 125.12. Do not round your intermediate calculations.)

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