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A company just recorded a profit of $1,600,000. This profit is expected to grow at 4% for the foreseeable future. Investors require an 8.7% rate

A company just recorded a profit of $1,600,000. This profit is expected to grow at 4% for the foreseeable future. Investors require an 8.7% rate of return and the company has a book value of equity equal to $4,500,000.

Assuming there are 400,000 shares outstanding, what is the stock price of this company?

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