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A mature manufacturing firm just paid a dividend of $5.27 but management expects to reduce the payout by 4.19 percent per year, indefinitely. If you

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A mature manufacturing firm just paid a dividend of $5.27 but management expects to reduce the payout by 4.19 percent per year, indefinitely. If you require a return of 8.79 percent on this stock, what will you pay for a share today? Answer to two decimals

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