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Th e Seneca Maintenance Company currently (that is, as of year 0) pays a common stock
dividend of $1.50 per share. Dividends are expected to grow at a rate of 11 percent per
year for the next four years and then to continue growing thereaft er at a rate of 5 percent
per year. What is the current value of a share of Seneca common stock to an investor who
requires a 14 percent rate of return?

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