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Ionix, Inc. is a chip-making company. Its last yearly dividend was $3.24, and the dividend is expected to grow by 2.0% yearly. You are considering

Ionix, Inc. is a chip-making company. Its last yearly dividend was $3.24, and the dividend is expected to grow by 2.0% yearly. You are considering investing in Ionix.

What is the maximum you should pay if the required rate of return is 9.0%? If possible please show steps.

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