Question: Kindly answer the question with step by step and use words to explain steps for clarity Winters Inc., a golf club manufacturer, is currently paying

Kindly answer the question with step by step and use words to explain steps for clarity

Winters Inc., a golf club manufacturer, is currently paying dividends of $3.5 per share. These dividends are expected to grow at a 15% rate for the next four years and at 3% rate thereafter (forever). What is the value of the stock if the appropriate discount rate is 12%?

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