9. Problem 9.11 (valuation of a constant growth stock)

A stock is expected to pay a dividend of $1.75 at the end of the year (i.e., D1=$1.75), and it should continue to grow at a constant rate of 9% a year. If it's required return is 12%, what is the stocks expected price three years from today? Do not round intermediate calculations. Round your answer to the nearest cent.

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