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A stock just paid a dividend of $1.86. Going forward, dividends will be paid annually and grow at a constant rate of 2.7% per year.
A stock just paid a dividend of $1.86. Going forward, dividends will be paid annually and grow at a constant rate of 2.7% per year. If the discount rate is 9.6%, what is a fair price for the stock today? Round your answer to the nearest penny.
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