The Goofy Gadget Company currently pays a dividend of $2.50 per common share. If dividends are expected

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The Goofy Gadget Company currently pays a dividend of $2.50 per common share. If dividends are expected to grow at a rate of 5%

per year and the required rate of return on Goofy common stock is 8%, what is the value of a share of Goofy stock?

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