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Lange, Inc. has a new issue of common stock that is expected to pay a dividend of 5.50 per year, indefinitely. The first dividend will
Lange, Inc. has a new issue of common stock that is expected to pay a dividend of 5.50 per year, indefinitely. The first dividend will be paid one year from today. If you require a return of 5.75 percent on this stock, how much should you pay today? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
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