10. Stock Valuation
Universal Laser, Inc. just paid a dividend of $5 on its stock. The growth rate in dividends is expected to be a constant 6 percent per year, indefinitely. Investors require a 20 percent return on the stock for the first three years, a 16 percent return for the next three years, and then an 12 percent return thereafter. What is the current share price for the stock?
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