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Assume Evco, Inc., has a current stock price of $38 and will pay a $2.20 dividend in one year; its equity cost of capital is

Assume Evco, Inc., has a current stock price of $38 and will pay a $2.20 dividend in one year; its equity cost of capital is 18%. What price must you expect Evco stock to sell for immediately after the firm pays the dividend in one year to justify its current price? (Round to the nearest cent.)

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