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Bad Foot, Inc., is expected to pay a $ 1 . 5 7 dividend next year and investors expect that dividend to grow by 5

Bad Foot, Inc., is expected to pay a $

1.57

dividend next year and investors expect that dividend to grow by

5 %

each year forever. If the required return on the stock investment is

12 %,

what should the price of the stock be today?

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