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Winters Inc., a golf club manufacturer, is currently paying dividends of $1.50 per share. These dividends...

Winters Inc., a golf club manufacturer, is currently paying dividends of $1.50 per share. These dividends are expected to grow at a 20% rate for the next four years and at 4% rate thereafter (forever). What is the value of the stock if the appropriate discount rate is 10%?
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