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A firm expects to pay dividends at the end of each of the next four years of $ 2 . 0 0 , $ 1

A firm expects to pay dividends at the end of each of the next four years of $2.00, $1.50, $2.50, and $3.50. After the fourth year, the dividends are expected to grow at 8 percent every year. If you require a 14 percent rate of return, what is the current price of the stock? (Round the answer to two decimal places.)

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