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A company has expected earnings of $3 per share for next year. The firm's ROE is 15%, and its dividend payout ratio is 40%. If

A company has expected earnings of $3 per share for next year. The firm's ROE is 15%, and its dividend payout ratio is 40%. If the stock's market capitalization rate is 10%.

If the required rate of return of this stock increases to 18%, the management team decides to adjust its dividend payout ratio to maximize share price. Assuming all else being equal, what should be the stock price after the adjustment?

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