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A firm expects next year's EPS to be $7.09. Its dividend payout ratio is 0.6 and it will reinvest the remainder of earnings in projects

A firm expects next year's EPS to be $7.09. Its dividend payout ratio is 0.6 and it will reinvest the remainder of earnings in projects with expected return of 13%. The firm will continue this same reinvestment policy indefinitely. If the stock's required rate of return is 11.3%, what is a fair price for the stock today? Round your answer to the nearest penny.

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