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Company J just made a dividend payment of $0.50 per share. Investors expect the dividend to grow by 11% per year in the first two

Company J just made a dividend payment of $0.50 per share. Investors expect the dividend to grow by 11% per year in the first two years and then by 3% per year starting in the third year. What's the maximum price investors are willing to pay for Company J's stocks if they require an annual return rate of 13%?

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