On January 1, Year 1, you are considering the purchase of Nico Enterprises' common stock. Based on your analysis of Nico Enterprises, you determine the following: 1. Predicted growth rate for Year 1 through Year 5 is constant 3%. 2. After Year 6 the growth rate will be zero. 3. Nico just paid a dividend $3. 5. Required rate of return (cost of capital) is 8%. Determine the purchase price per share of Nico Enterprises' common stock as of January 1,

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