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A corporation's stock pays a semi-annual dividend of 20 per share, payable on June 15 and December 15 each year. Assume that this dividend will

A corporation's stock pays a semi-annual dividend of 20 per share, payable on June 15 and December 15 each year. Assume that this dividend will remain level in the future. Using the dividend discount method and an annual effective interest rate of 12%, what is the value of one share of this stock as of April 15?

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