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A stock's dividend in 1 year is expected to be $2.4. The dividend is expected to remain the same indefinitely. The stock's required return is

A stock's dividend in 1 year is expected to be $2.4. The dividend is expected to remain the same indefinitely. The stock's required return is 11%. The estimated value of the stock today is $________. Do not round any intermediate work, but round your final answer to 2 decimal places (ex: $12.34567 should be entered as 12.35).

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