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A firm will pay a dividend of $3.62 next year. The dividend is expected to grow at a constant rate of 4.58% forever and the

A firm will pay a dividend of $3.62 next year. The dividend is expected to grow at a constant rate of 4.58% forever and the required rate of return is 12.40%. What is the value of the stock?

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

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