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A share of stock with a beta of .70 now sells for $60. Investors expect the stock to pay a year-end dividend of $4. The

A share of stock with a beta of .70 now sells for $60. Investors expect the stock to pay a year-end dividend of $4. The T-bill rate is 5%, and the market risk premium is 8%. At what price will the stock reach an equilibrium at which it is perceived as fairly priced today?

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