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Cullumber Clothiers Ltd . ' s current dividend is $ 2 . 5 0 . Dividends are expected to grow by 7 percent for years

Cullumber Clothiers Ltd.'s current dividend is $2.50. Dividends are expected to grow by 7 percent for years 1 to 3,5 percent for years 4 to 7, and 1 percent thereafter. The required rate of return on the stock is 10 percent. What is the current stock price for Cullumber?
(Round intermediate calculations to 4 decimal places, e.g.45.1771 and final answer to 2 decimal places, e.g.45.17.)
Stock price _____ $

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