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Gadgets Inc. just paid a dividend of 1.26. It expects its earnings and dividends to decline at a rate of 2.9% per year indefinitely. What

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Gadgets Inc. just paid a dividend of 1.26. It expects its earnings and dividends to decline at a rate of 2.9% per year indefinitely. What is the value of the stock today if the required return is 11.8%? The value of the stock today is s (Note: please retain at least 4 decimal places in your calculations and at least 2 decimal places in the final answer.)

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