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A common stock will pay a cash dividend of $8.25 next year. After that, the dividends are expected to increase indefinitely at 4% per year.

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A common stock will pay a cash dividend of $8.25 next year. After that, the dividends are expected to increase indefinitely at 4% per year. If the discount rate is 14%, what is the PV of the stream of dividend payments? Note: Round your answer to 2 decimal places

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