Question: Todd Mountain Development Corporation ( TMDC ) is expected to pay a dividend of $ 3 in the upcoming year. Dividends are expected to grow

Todd Mountain Development Corporation (TMDC) is expected to pay a dividend of $3 in the
upcoming year. Dividends are expected to grow at the rate of 4% per year. The investors required
return for TMDC is 14%. Using the constant-growth DDM, the intrinsic value of the stock is

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