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A firm just paid a dividend of $2.12. The dividend is expected to grow at a constant rate of 2.25% forever and the required rate

A firm just paid a dividend of $2.12. The dividend is expected to grow at a constant rate of 2.25% forever and the required rate of return is 10.89%. What is the value of the stock?

Answer format: Currency: Round to: 2 decimal places.

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