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Hailey Corporation pays a constant $ 1 4 . 4 0 dividend on its stock. The company will maintain this dividend for the next 6

Hailey Corporation pays a constant $

14.40

dividend on its stock. The company will maintain this dividend for the next

6

years and will then cease paying dividends forever. If the required return on this stock is

12

percent, what is the current share price?

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