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The earnings of X Company are expected to grow at an annual rate of 14% over the next 5 years and then

The earnings of X Company are expected to grow at an annual rate of 14% over the next 5 years and then slow to a constant rate of 10% per year. X Company currently pays a dividend of $0.36 per share.

What is the value of X Company's stock to an investor who requires a 16% rate of return?

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