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A common stock will pay a cash dividend of $4 next year. After that, the dividends are expected to increase indefinitely at 2% per year.

A common stock will pay a cash dividend of $4 next year. After that, the dividends are expected to increase indefinitely at 2% per year. If the discount rate is 12%, what is the PV of the stream of dividend payments? (Round your answer to 2 decimal places.) Present value $

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