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(Common stock valuation) You intend to purchase Dorchester common stock at $51.50 per share, hold it for 1 year, and then sell it after a

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(Common stock valuation) You intend to purchase Dorchester common stock at $51.50 per share, hold it for 1 year, and then sell it after a dividend of $6.25 is paid. How much will the stock price have to appreciate for you to satisfy your required rate of return of 16 percent? The stock price have to appreciate %. (Round to two decimal places.)

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