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Hayworth Industries does not currently pay dividends. However, investors expect that, in 4 years, Hayworth will pay its first dividend of $1.96 per share and

Hayworth Industries does not currently pay dividends. However, investors expect that, in 4 years, Hayworth will pay its first dividend of $1.96 per share and will continue to grow at 11% per year forever. If investors require a 15% annual return on the stock, what is the current price?

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