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A Corporation will pay a dividend of $3.85 per share next year. The company pledges to increase its dividend by 11.1 percent per year, indefinitely.

A Corporation will pay a dividend of $3.85 per share next year. The company pledges to increase its dividend by 11.1 percent per year, indefinitely. If you require a return of 21 percent on your investment, how much will you pay for the companys stock today?

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