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9. Stock PJ, which has a beta of 1.7, paid a dividend of $0.63 today. You believe that Stock PJ can sustainably increase its dividend

9. Stock PJ, which has a beta of 1.7, paid a dividend of $0.63 today. You believe that Stock PJ can sustainably increase its dividend by 3.2% per year. The risk-free rate is 3.9% per year and the market risk premium is 7.4%. According to these numbers and assumptions, what should the price of Stock PJ be today? Round to the nearest penny

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