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Bad Investment Incorporated has promised investors to pay a $5.00 per year dividend in perpetuity. If investors want a 16.00% return on this stock based

Bad Investment Incorporated has promised investors to pay a $5.00 per year dividend in perpetuity. If investors want a 16.00% return on this stock based on the risk, what intrinsic value of the stock today?

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Answer format: Currency: Round to: 2 decimal places.

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