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3. XYZ is expected to pay dividends on its common stock (i.e. D 1 ) of $3 over the next year. Dividends have been growing

3. XYZ is expected to pay dividends on its common stock (i.e. D1) of $3 over the next year. Dividends have been growing steadily at 3% for years. Currently, investors are requiring a return of 15% for an investment in XYZ common stock. What is the value of 200 shares of XYZ common stock today?

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