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A company just paid an annual dividend of $ 0 . 6 1 . Dividends are expected to grow by 2 5 % in 1

A company just paid an annual dividend of $0.61. Dividends are expected to grow by 25% in 1 year, 20% in the second year, and 15% in the third year. After
that, dividends are expected to continue to grow at an annual rate of 8% indefinitely.
If the market's required rate of return on this stock is 16% per year. What is the current price per share?
[Keep AT LEAST 4 decimal place on ALL intermediate steps. Round your final answer to 2 decimal places, expressed in dollars and cents (ie $12.34)]
Current price =$
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