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Miller Brothers Hardware paid an annual dividend of $ 3 . 2 5 per share last month. Today, the company announced that future dividends will

Miller Brothers Hardware paid an annual dividend of $3.25 per share last month. Today, the company announced that future dividends will be increasing by 4.72 percent annually. If you require a 16 percent rate of return, how much are you willing to pay to purchase one share of this stock today?

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