Crosby Inc. has an 11% required rate of return. It does not expect to initiate dividends for 20 years, at which it will pay $4.00 per share of dividends. At that time, Crosby expects its dividends will grow at 6% forever. What is an estimate of Crosby's price in 20 years (P20) if its dividend at the end of year 20 is $4.00?
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84.80
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