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Problem Walk$-$Through

Maxwell Mining Company's ore reserves are being depleted, so its sales are falling. Also, because its pit is getting deeper each year, its costs are rising. As a result, the company's earnings and dividends are declining at the constant rate of $6\%$ per year. If $D_0=$$$6$ and $r_s=14\%,$ what is the value of Maxwell Mining's stock? Round your answer to the nearest cent.