Question: Smith will pay no dividends for the next 10 years. 11 years from now it will pay $14.75 as dividend and it will increase by

Smith will pay no dividends for the next 10 years. 11 years from now it will pay $14.75 as dividend and it will increase by 5.25% per year forever. Required rate of return 13.25%. What is the price of the stock today?

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