Question: Valuation Example 1c: Value Equity at end of 2019 - multi-stage growth + decreasing discount rates. 2020 2021 2022 2023 Cost of Equity 8.30% 7.00%

Valuation Example 1c: Value Equity at end of 2019 - multi-stage growth + decreasing discount rates. 2020 2021 2022 2023 Cost of Equity 8.30% 7.00% 7.00% 6.50% Growth Rate in RI 4.25% 4.00% 3.50% Perpetual growth in Residual Income after 2023= 3.50%

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