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Michael's, Inc. just paid $2.20 to its shareholders as the annual dividend. Simultaneously, the company announced that future dividends will be increasing by 4.80 percent.

Michael's, Inc. just paid $2.20 to its shareholders as the annual dividend. Simultaneously, the company announced that future dividends will be increasing by 4.80 percent. If you require a rate of return of 9.0 percent, how much are you willing to pay today to purchase one share of Michael's stock?

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