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ABC, Inc., common stock paid a dividend of $5.20 per share last year. The company expects earnings and dividends to grow at a rate of

ABC, Inc., common stock paid a dividend of $5.20 per share last year. The company expects earnings and dividends to grow at a rate of 5% per year for the foreseeable future. What is the maximum price per share that an investor who requires a return of 12% should pay for ABCs common stock?

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