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8. Common stock valuation Financial analysts expects Theron

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8. Common stock valuation
Financial analysts expects Theron Co.'s earnings and dividends to grow at a rate of 16 percent during the next three years, 12 percent in the fourth and fifth years, and then at a constant rate of 6 percent thereafter. Theron's dividend, which has just been paid, was $1.2. If the expected rate of return on the stock is 12 percent, what is the price of the stock today?

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