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GHL, Inc., has a dividend payout ratio of 50%. Its cost of equity is 10.8% and its dividend growth rate is 4.5%. If its forward

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GHL, Inc., has a dividend payout ratio of 50%. Its cost of equity is 10.8% and its dividend growth rate is 4.5%. If its forward EPS is $6.44, what is your estimate of its stock price? The price per share is $ . (Round to the nearest cent.)

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