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Foxtrap Inc is a mature manufacturing firm. The company just paid a $9.40 dividend, but management expects to reduce the payout by 4% per year

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Foxtrap Inc is a mature manufacturing firm. The company just paid a $9.40 dividend, but management expects to reduce the payout by 4% per year indefinitely. If you require a 10% return on this stock, what will you pay for a share today? (Round the final onswer to 2 decimal places. Omit $ sign in your response.) Current share price $

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