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A stock just paid a dividend of $2.32. Going forward, dividends will be paid annually and grow at a constant rate of 1.5% per year.

A stock just paid a dividend of $2.32. Going forward, dividends will be paid annually and grow at a constant rate of 1.5% per year. If the discount rate is 9.1%, what is a fair price for the stock today? Round your answer to the nearest penny

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