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A stock is expected to pay a constant dividend of $3/share every quarter (every 3 months) and the first dividend is expected in exactly 1

A stock is expected to pay a constant dividend of $3/share every quarter (every 3 months) and the first dividend is expected in exactly 1 year. If the market's required return on this stock is 11% PER YEAR, what is the market value of the stock today? [Express your final answer in dollars and cents (rounded to 2 decimal places)]

Market Value = $ per share

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