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A stock is expected to pay yearly dividends of 1.63 per share at the end of each of the next 10 years. Thereafter, all annual

A stock is expected to pay yearly dividends of 1.63 per share at the end of each of the next 10 years. Thereafter, all annual dividends are expected to be 2.45 per share. Using the dividend discount model with an expected effective annual rate of return of 9%, calculate the price for a share of the stock. Give your answer to two digits after the decimal.

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