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A firm expects EPS to be $7.80 every year. Since it has no growth opportunity, the firm will pay out all its earnings as dividends

A firm expects EPS to be $7.80 every year. Since it has no growth opportunity, the firm will pay out all its earnings as dividends every year. The first dividend occurring one year from today. What is a fair price for the stock if the required rate of return is 7.5%? Round your answer to the nearest penny.

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