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Holtzman Clothiers' stock currently sells for $40 a share. It just paid a dividend of $1.5 a share (i.e., D0 = $1.5). The dividend is

Holtzman Clothiers' stock currently sells for $40 a share. It just paid a dividend of $1.5 a share (i.e., D0 = $1.5). The dividend is expected to grow at a constant rate of 3% a year.

What stock price is expected 1 year from now? Round your answer to two decimal places.

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