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Matthew is about to buy a stock that will pay a dividend of $1.50 in one year, $1.75 a year later, and $2.00 a year
Matthew is about to buy a stock that will pay a dividend of $1.50 in one year, $1.75 a year later, and $2.00 a year after that, at which time the stock price will be $25.00. If Matthew discounts the cash flows at 6.25%, then rounded to the nearest cent, the current stock price be $?
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