Question introductive<p>An analyst gathers or estimates the following information about a stock:</p> </br> &emsp; <table style="width:80%;text-align:center"> <tr> <td class="left">Current price per share</td> <td class="right">€22.56</td> </tr> <tr> <td class="left">Current annual dividend per share</td> <td class="right">€1.60</td> </tr> <tr> <td class="left">Annual dividend growth rate for Years 1–4</td> <td class="right">9.00%</td> </tr> <tr> <td class="left">Annual dividend growth rate for Years 5+</td > <td class="right">4.00%</td> </tr> <tr> <td class="left">Required rate of return</td> <td class="right">12%</td> </tr> </table>

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