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A firm expects to pay dividends at the end of each of the next four years of $ 3 . 0 0 , $ 4

A firm expects to pay dividends at the end of each of the next four years of $3.00, $4.50, $3.50, and $1.50. After the fourth year, the dividends are expected to be $5.00 each year forever. 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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