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Invercargill Company stock has paid a $6.00 annual dividend in 2003 and a $6.50 dividend in 2004. This growth in dividends will continue in the

Invercargill Company stock has paid a $6.00 annual dividend in 2003 and a $6.50 dividend in 2004. This growth in dividends will continue in the future. The stockholders of Invercargill require a 17% return on their investment. Calculate the price of one share of Invercargill stock in 2005.

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