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A share of common stock just paid an annual dividend of $ 1 . 0 0 . If the expected longrun annual dividend growth rate

A share of common stock just paid an annual dividend of $

1.00 .

If the expected longrun annual dividend growth rate for this stock is

2.5 %

and investors require a

11 %

rate of return, what is the most an investor should pay for this stock today? Round to the nearest penny.

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