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PerfectTiming Corporation's common stock will pay $2 in dividends this year and is expected to grow its dividends indefinitely at an annual 4%. What is

PerfectTiming Corporation's common stock will pay $2 in dividends this year and is expected to grow its dividends indefinitely at an annual 4%.

What is the value of the stock if you require an annual rate of return of 11%?

Round your calculations to the nearest $0.01, i.e., two decimal places.

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