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Mr. Arthur recently purchased shares of Bingham Corporation common stock for $6,000. The stock is expected to provide an end-of-period dividend of $400 in the

Mr. Arthur recently purchased shares of Bingham Corporation common stock for $6,000. The stock is expected to provide an end-of-period dividend of $400 in the first year. If it has a growth rate of 2% and a discount rate of 8%, what is the economic value of his investment?

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