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A stock just paid $1.5 dividend yesterday. The dividend is expected to grow at 3.5% per year thereafter. If the beta of the stock is
A stock just paid $1.5 dividend yesterday. The dividend is expected to grow at 3.5% per year thereafter. If the beta of the stock is 1.5, risk-free rate is 3.2%, and the market risk premium is 6%, then using the dividend discount model, the stock price should be _______. (Round your answer to two decimal places, such as 12.34)
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