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Celec's common stock paid a dividend of $3

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Celec's common stock paid a dividend of $3.60 in the year just ended. If you estimate that Celecs dividend will grow at a rate of 25% in the coming year, 20% in year two, 12% in year 3 and at a rate of 6% annually thereafter, what is the value of celecs stock given a required rate of return of 14 percent?


$58.45
$63.84
$56.47
$66.27
$70.20