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A common stock pays an annual dividend per share of $2.60. The risk-free rate is 10% and the risk premium for this stock is 6%.

A common stock pays an annual dividend per share of $2.60. The risk-free rate is 10% and the risk premium for this stock is 6%. If the annual dividend is expected to remain at $2.60, what is the value of the stock? (Round your answer to 2 decimal places. Omit the "$" sign in your response.)

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