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A stock is expected to pay a dividend of $3.60 in the next year and thereafter it is expected to grow its dividends indefinitely at

A stock is expected to pay a dividend of $3.60 in the next year and thereafter it is expected to grow its dividends indefinitely at a constant annual growth rate of 1.2%. Using a required rate of return (or discount rate) of 15%, calculate the current fair value for this stock.

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