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Maloney, Inc., has an odd dividend policy. The company has just paid a dividend of $3.50 per
share and has announced that it will increase the dividend by $4.50 per share for each of the next
five years, and then never pay another dividend. If you require a return of 11 percent on the
company's stock, how much will you pay for a share today? Complete the following analysis. Do
not hard code values in your calculations.

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