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Company X is expected to pay an end-of-year dividend of $3.40 a share. After the dividend its stock is expected to sell at $78. If

Company X is expected to pay an end-of-year dividend of $3.40 a share. After the dividend its stock is expected to sell at $78. If the market capitalization rate is 14%, what is the current stock price? (Round your answer to 2 decimal places.)

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