Question: Distant Groves announced today that it will begin paying annual dividends next year. Dividends for the first two years will be $3.70 and $4.69 a

Distant Groves announced today that it will begin paying annual dividends next year. Dividends for the first two years will be $3.70 and $4.69 a share, respectively. After that, dividends are projected to increase by 5 percent per year. What is one share of this stock worth today at a required return of 12 percent?

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