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If next year's dividend is forecast to be $6.25 (DIV 1 = $6.25), the constant-growth rate is 7% (g = 0.07), and the discount rate

If next year's dividend is forecast to be $6.25 (DIV₁ = $6.25), the constant-growth rate is 7% (g = 0.07), and the discount rate is 16% (that is, r = 0.14), then what should be the current price of this stock (P₀)?

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