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Alpaca, Inc. is expected to pay an annual dividend of $9.5 per share next year and its dividend per share is expected to increase 3.2%
Alpaca, Inc. is expected to pay an annual dividend of $9.5 per share next year and its dividend per share is expected to increase 3.2% constantly until the fourth year. After the fourth year, the firm's dividend will decrease constantly at 0.5% per year. What is the value of this stock today if the required return is 9%? Round your answer to 2 decimal places.
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