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A broker is considering buying a divident paying stock. The dividend will be paid at the end of the year. The analyst consensus is the

A broker is considering buying a divident paying stock. The dividend will be paid at the end of the year. The analyst consensus is the stock will worth $36 in one year. The company pays a $2.25 annual divident and the broker expects 12% rate of return. What is the highest price the broker should be willing to pay for the stock? (show formula please)

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