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Last year Artworks, Inc. paid a dividend of $2.60. You anticipate that the company's growth rate is 5 percent and have a required rate of

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Last year Artworks, Inc. paid a dividend of $2.60. You anticipate that the company's growth rate is 5 percent and have a required rate of return of 15 percent for this type of equity investment. What is the maximum price you would be willing to pay for the stock? Round your answer to the nearest cent. $

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