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Assume Coleco pays an annual dividend of $1.48 and has a share price of $37.15. It announces that its annual dividend will increase to $1.78.

Assume Coleco pays an annual dividend of $1.48 and has a share price of $37.15. It announces that its annual dividend will increase to $1.78. If its dividend yield stays the same, what should be its new share price? The new price will be $ . (Round to the nearest cent.)

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