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NoGrowth Corporation currently pays a dividend of $3.44 per year, and it will continue to pay this dividend forever. What is the price per share

NoGrowth Corporation currently pays a dividend of $3.44 per year, and it will continue to pay this dividend forever. What is the price per share if its equity cost of capital is 12% per year?

The price per share if its equity cost of capital is 12% per year is $__________. (Round to the nearest cent.)

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