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Caan Corporation will pay a $3.22 per share dividend next year. The company pledges to increase its dividend by 6 percent per year indefinitely. If

Caan Corporation will pay a $3.22 per share dividend next year. The company pledges to increase its dividend by 6 percent per year indefinitely. If you require a return of 11 percent on your investment, how much will you pay for the companys stock today? (Do not round intermediate calculations. Round your answer to 2 decimal places, e.g., 32.16.)

Stock price $

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