Rand Inc. has a beta of 1.5. The company has just paid a quarterly dividend of $0.32. Rand's dividends will grow by 4% for the next 4 quarters, and then grow by 1.5% thereafter.
The risk-free rate is 3% and the expected market return is 7%
The quarterly required return is 0.0218
What is the intrinsic value of the stock now?



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