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A mature manufacturing firm just paid a dividend of $ 5 . 6 1 but management expects to reduce the payout by 4 . 5

A mature manufacturing firm just paid a dividend of $5.61 but management expects to reduce the payout by 4.56 percent per year, indefinitely. If you require a return of 9.65 percent on this stock, what will you pay for a share today? Answer to two decimals.

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