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A stock currently pays no dividends. You expect it to pay its first dividend of $3.85 exactly 9 years from now. You also expect the

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A stock currently pays no dividends. You expect it to pay its first dividend of $3.85 exactly 9 years from now. You also expect the stock to pay that 5 ame dividend every year thereafter. If the stock's required rate of return is 8.0%, what is a fair price for the stock today? Round your answer to the nearest perrory

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