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NoGrowth Corporation currently pays a dividend of $0.48 per quarter, and it will continue to pay this dividend forever. What is the price per share

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NoGrowth Corporation currently pays a dividend of $0.48 per quarter, and it will continue to pay this dividend forever. What is the price per share of NoGrowth stock if the firm's equity cost of capital is 15.7%? The stock price is $ . (Round to the nearest cent.)

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