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(Common stock valuation) Herrera Motor Inc. paid a $2.50 dividend last year. At a constant growth rate of 6 percent, what is the value of
(Common stock valuation) Herrera Motor Inc. paid a $2.50 dividend last year. At a constant growth rate of 6 percent, what is the value of the common stock if the investors require a rate of return of 22 percent? The value of the Herrera Motor common stock is $ _________. (Round to the nearest cent.)
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