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A company recently paid a $3 dividend per share of stock, which is expected to grow 5% annually. The investor expects a return of 11%.

A company recently paid a $3 dividend per share of stock, which is expected to grow 5% annually. The investor expects a return of 11%. What is the highest price the investor should be willing to pay for a single share of stock?

(Please show work so I can see the breakdown)

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