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require 8.6% return. A company has common stock with dividends forecast for the upcoming five years (years 1-5) as shown below. At the end of year 5, the stock is expected to have a dividend payout ratio of 24% and PE ratio of 10.50 times. What is the maximum price you should pay for this stock at the present moment?

	0	1	2	3	4	5
Dividends		1.3832	2.1042	3.2151	4.0618	5.3136