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13. ABC Corp. is going to pay an annual dividend of $4.23 a share on its...

13. ABC Corp. is going to pay an annual dividend of $4.23 a share on its
common stock next year. This year, the company paid a dividend of $4.50 a share. The
company adheres to a constant rate of growth dividend policy. What will one share of this
common stock be worth seven years from now if the applicable discount rate is 12
percent?

Could you explain the question in detail with formula plz! I don't understand others poster answers.

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