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MSFT common stock just paid a dividend of $ 3 . 6 0 per share this year. The growth rate is 5 % and the

MSFT common stock just paid a dividend of $3.60 per share this year. The growth rate is 5% and the risk-free rate is 2%. You require a 12% rate of return on a security with similar risk. What is the maximum you are willing to spend per share to buy this common stock?

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