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Macy's will pay a dividend of $6.80 per share next year. The company pledges to increase its dividend by 6.5 percent per year, indefinitely. If

Macy's will pay a dividend of $6.80 per share next year. The company pledges to increase its dividend by 6.5 percent per year, indefinitely. If you require a return of 9 percent on your investment, how much will you pay for the companys stock today? Do not use the dollar ($) sign in your answer.

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