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A firm expects to pay dividends at the end of each of the next four years of $ 5 . 0 0 , $ 7

A firm expects to pay dividends at the end of each of the next four years of $5.00, $7.50, $4.50, and $2.50. After the fourth year, the dividends are expected to be $6.00 each year forever. If you require a 11 percent rate of return, what is the current price of the stock? (Round the answer to two decimal places.)

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