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Jason Allen is interested in buying the stock of First National Bank. While the bank's management expects no growth in the near future, Jason is

Jason Allen is interested in buying the stock of First National Bank. While the bank's management expects no growth in the near future, Jason is attracted by the dividend income. Last year the bank paid a dividend of $6.16. If Jason requires a return of 11.0 percent on such stocks, what is the maximum price he should be willing to pay for a share of the banks stock?

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