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CX Enterprises is expected to pay an annual dividend of $1.6 per share at the end of the year. The dividends are expected to grow

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CX Enterprises is expected to pay an annual dividend of $1.6 per share at the end of the year. The dividends are expected to grow at a constant rate of 5% per year. The stock's required rate of return is 8%. What is the value of the stock? Round your answer to two decimal places. Your

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