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Blue Water Tours just paid an annual dividend of $3.25 a share. The firm has a policy of increasing the dividend by 4 percent annually.

Blue Water Tours just paid an annual dividend of $3.25 a share. The firm has a policy of increasing the dividend by 4 percent annually. What is the current value of this stock at a discount rate of 9.4 percent? (round up your answer to two decimal places)

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