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Please use the Dividend Discount Model to determine the theoretical price of the stock (P 0 ) given the following information: The company just paid

Please use the Dividend Discount Model to determine the theoretical price of the stock (P₀) given the following information:

The company just paid (today) a dividend of $2.20 per share and the annual growth of the dividend is expected to be 5% per year for the foreseeable future. If the cost of equity is 9%, what should the price of the stock be today?

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