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Brian Lee is interested in buying the stock of First National Bank. While the bank's management expects no growth in the near future, Brian is

Brian Lee is interested in buying the stock of First National Bank. While the bank's management expects no growth in the near future, Brian is attracted by the dividend income. Last year the bank paid a dividend of $5.81. If Brian requires a return of 17.5 percent on such stocks, what is the maximum price he should be willing to pay for a share of the bank's stock?

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