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Lepric Corp. paid a dividend of $3.23 on its common stock at the end of last year. Dividends are expected to grow at a constant

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Lepric Corp. paid a dividend of $3.23 on its common stock at the end of last year. Dividends are expected to grow at a constant rate of 5% in the forseeable future. What is the intrinsic value of the stock if investors' required rate of return is 9%? Round to two decimal places (Ex. $0.00)

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