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MJ Enterprises stock traditionally provides an average rate of return of 11.6 percent. The firms next annual dividend is projected at $2.40 with future increases

MJ Enterprises stock traditionally provides an average rate of return of 11.6 percent. The firms next annual dividend is projected at $2.40 with future increases of 3 percent per year. What price should you pay for this stock is you are satisfied with the firms average rate of return?

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