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A stock is expected to pay its first $60 dividend in 1 year from now. The dividend is expected to be paid annually forever and

A stock is expected to pay its first $60 dividend in 1 year from now. The dividend is expected to be paid annually forever and grow by -3% pa (note the negative sign). The discount rate is 6% pa. Estimate the current stock price. The current stock price should be:

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