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7. Reco Corp. is expected to pay a dividend of $2.18 next year. The forecast for the stock price a year from now is $41.00.

7. Reco Corp. is expected to pay a dividend of $2.18 next year. The forecast for the stock price a year from now is $41.00. If the required rate of return is 15.0 percent, what is the current stock price? Assume constant growth. (Round answer to 2 decimal places, e.g. 15.25.)

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