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Company ABC Inc. announced that it will pay $2 in dividends next quarter. The company also stated that it is planning to increase its dividend

Company ABC Inc. announced that it will pay $2 in dividends next quarter. The company also stated that it is planning to increase its dividend payments by 2 percent each quarter going forward. Investors require an annual return of 12 percent for stocks with similar risk characteristics. Calculate the price of this stock.

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