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An investor plans to purchase as share of stock today, hold it one year until it pays him an annual dividend of $1.13, and then

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An investor plans to purchase as share of stock today, hold it one year until it pays him an annual dividend of $1.13, and then sell it immediately in the open market at and expected price of $25. What is a fair price for the stock today if the investor uses 12% as the discount rate? Round your answer to the nearest penny

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