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A corporation just paid a dividend of $1.50 per share on its stock. Dividends are expected to grow at a constant rate of 2% per

A corporation just paid a dividend of $1.50 per share on its stock. Dividends are expected to grow at a constant rate of 2% per year, indefinitely. If investors require an 8% return on this stock, then what is the stocks current intrinsic value or price? Enter your answer as dollars and cents rounded to 2 decimal places.

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