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Nofal Corporation will pay a $7.5 per share dividend next year. The company pledges to increase its dividend by 3 percent per year, indefinitely. If

Nofal Corporation will pay a $7.5 per share dividend next year. The company pledges to increase its dividend by 3 percent per year, indefinitely. If you require a return of 9 percent on your investment, how much will you pay for the companys stock today?

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