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Cortez, Inc. paid a dividend of $3.00 last year. The company's management does not expect to increase its dividend in the foreseeable future. If the

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Cortez, Inc. paid a dividend of $3.00 last year. The company's management does not expect to increase its dividend in the foreseeable future. If the required rate of return is 16.0 percent, what is the current value of the stock? (Do not round intermediate calculations. Round final answer to two decimal places.) 51345 59.87 $18.75 $11.12

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