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Harris Industries expects to pay a $ 2.00 dividend per share on its common stock one year from now. Following this dividend, it expected to
Harris Industries expects to pay a $ 2.00 dividend per share on its common stock one year from now. Following this dividend, it expected to pay a dividend at the end of every year thereafter that is 2.00% larger than the prior dividend. If Harris Indusries annual cost of equity capital is 12.00%, what should the price of Harris common stock be according to the dividend discount model? Round your final answer to two decimal places.
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