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(Common stock valuation) Herrera Motor Inc. paid a $3.50 dividend last year. At a constant growth rate of 5 percent, what is the value of

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(Common stock valuation) Herrera Motor Inc. paid a $3.50 dividend last year. At a constant growth rate of 5 percent, what is the value of the common stock if the investors require rate of return of 20 percent? The value of Herrera Motor common stock is $ (Round to the nearest cent.)

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