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Lifecycle Motorcycle Company is expected to pay a dividend of $ 2 in year 1 , a dividend of $ 3 in year 2 ,

Lifecycle Motorcycle Company is expected to pay a dividend of $2 in year 1, a dividend of $3 in year 2, and a dividend of $4 in year 3. After year 3, dividends are expected to grow at the rate of 3% per year. An appropriate required return for the stock is 12%. Using the two-stage DDM, the stock should be worth $__________ today. (Round your answer to two decimal places.)

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