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Assume that you are considering the purchase of a stock which will pay dividends of $2.7 during the next year. Further assume that you will

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Assume that you are considering the purchase of a stock which will pay dividends of $2.7 during the next year. Further assume that you will be able to sell the stock for $71 one year from today and that your required rate of return is 18 percent. How much would you be willing to pay for the stock today? (Round your answer to two decimal places, such as 12.34)

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