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20. A stock is expected to pay a dividend of $2.50 at the end of the year (i.e., D1 = $2.50), and it should continue

20. A stock is expected to pay a dividend of $2.50 at the end of the year (i.e., D1 = $2.50), and it should continue to grow at a constant rate of 7% a year. If its required return is 14%, what is the stock's expected price 5 years from today? Do not round intermediate calculations. Round your answer to the nearest cent.

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