Question: A stock will pay a $4 dividend, after which dividends are expected to grow at a rate of 3%, 5%, and 6% per year before

A stock will pay a $4 dividend, after which dividends are expected to grow at a rate of 3%, 5%, and 6% per year before eventually growing at a constant rate of 7%. The stock's required rate of return is 10%. What is the intrinsic price of the stock (Po).

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