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Hudson Corporation will pay a dividend of $3.26 per share next year. The company pledges to increase its dividend by 6.5 percent per year indefinitely.

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Hudson Corporation will pay a dividend of $3.26 per share next year. The company pledges to increase its dividend by 6.5 percent per year indefinitely. If you require a return of 15 percent on your investment, how much will you pay for the company's stock today? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Stock price

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