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A stock will pay a dividend of $5 in one year and increase 5% every year after that. Its required rate of return is 14%.

A stock will pay a dividend of $5 in one year and increase 5% every year after that. Its required rate of return is 14%. What is the value of the stock? Round your answer to the nearest cent (one-hundredth). Do not include the dollar sign (\$)

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