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Atwater Rock, Inc. will pay a $5 per share dividend next year. The company pledges to increase its dividend by 4 percent per year, indefinitely.

Atwater Rock, Inc. will pay a $5 per share dividend next year. The company pledges to increase its dividend by 4 percent per year, indefinitely. If you require a 12 percent return on your investment, how much will you pay for the companys stock today?

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