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A stock pays dividends annually. It just paid a dividend of $6 that is expected to grow at a constant rate of 1% forever. Assuming
A stock pays dividends annually. It just paid a dividend of $6 that is expected to grow at a constant rate of 1% forever. Assuming a required rate of return of 9%, what is the value of the stock? Note: Show your answer in units of dollars, use plain numbers with at least two digits after the decimal (e.g., for $12,345.67, type 12345.67)
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