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JFG stock is expected to pay a dividend of $3.23 a share in one year. Thereafter, the expected annual growth rate of the dividend is

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JFG stock is expected to pay a dividend of $3.23 a share in one year. Thereafter, the expected annual growth rate of the dividend is 2.6%. Based on the Dividend Discountmodel, what is the most that you would be willing to pay for a share of JFG stock today ifyour required rate of return is 19.7% per annum? Answer to the nearest penny. Answer: ________

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