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1. (3 points) Red Rock, Inc. just paid a dividend of $2.15 per share on its stock. The dividends are expected to grow at a
1. (3 points) Red Rock, Inc. just paid a dividend of $2.15 per share on its stock. The dividends are expected to grow at a constant rate of 4% per year, forever. If the investors require a rate of return of 9.25%, what is the stocks current price? Round to the nearest $0.01.
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