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A stock will pay a dividend of $3.47 exactly one year from today. Thereafter, dividends will grow at a constant rate of 4% per year.

A stock will pay a dividend of $3.47 exactly one year from today. Thereafter, dividends will grow at a constant rate of 4% per year. If the discount rate is 10%, what is a fair price for the stock today? Round your answer to the nearest penny.

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