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A stock is expected to pay a year - end dividend of $ 2 . 8 , i . e . , D 1 =

A stock is expected to pay a year-end dividend of $2.8, i.e.,D1=$2.8. The dividend is expected to decline at a rate of 4.8% a year forever (g=-4.8%). If the company is in equilibrium and its expected and required rate of return is 9.8%, what is the expected price 3 years later? (if your price is $12.34, just enter "12.34".)
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