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Marcel Co . is growing quickly. Dividends are expected to grow at a rate of 0 . 0 8 for the next 4 years, with

Marcel Co. is growing quickly. Dividends are expected to grow at a rate of 0.08 for the next 4 years, with the growth rate falling off to a constant 0.03 thereafter. If the required return is 0.08 and the company just paid a $1.56 dividend, what is the current share price? Answer with 2 decimals (e.g.45.45).

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