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Assume Coleco pays an annual dividend of $1.50 and has a share price of $37.50. It announces that its annual dividend will increase to $1.75.

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Assume Coleco pays an annual dividend of $1.50 and has a share price of $37.50. It announces that its annual dividend will increase to $1.75. 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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