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Patrol Inc. just paid an annual dividend of $2.40 It has increased its dividends average 6.5% per year and is expected to continue doing so.

Patrol Inc. just paid an annual dividend of $2.40 It has increased its dividends average 6.5% per year and is expected to continue doing so. If investors require a return rate of 8.5%

how much its stocks will sell for? Round your answer to two decimals.

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