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please show your work A stock just paid $1.6 dividend yesterday. The dividend is expected to grow at 2.4% per year thereafter. If the required

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A stock just paid $1.6 dividend yesterday. The dividend is expected to grow at 2.4% per year thereafter. If the required rate of return of the stock is 8.5%, then using the dividend discount model, the stock price should be (Round your answer to two decimal places, such as 12.34)

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