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Analysts price stock ABC as if its dividends will grow forever at a rate of 3%, and require a return on this stock of 15%.

Analysts price stock ABC as if its dividends will grow forever at a rate of 3%, and require a return on this stock of 15%. If ABC paid $4 per share in dividends last year, what should be the current price of the stock?

(Round stock price to the nearest cent.)

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