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Adelaide Industries expects to have earnings per share of $ 3 . 2 0 in the coming year. Adelaide has a return on new investment

Adelaide Industries expects to have earnings per share of $3.20 in the coming year. Adelaide has a return on new investment of11%. If the firm's dividend payout rate is60%, and its equity cost of capital is8%, what is the value of Adelaide's stock? Round to two decimal places.

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