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Problem 9.12 Crane Corp. is expected to pay a dividend of $2.40 next year. The forecast for the stock price a year from now is

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Problem 9.12 Crane Corp. is expected to pay a dividend of $2.40 next year. The forecast for the stock price a year from now is $42.00. If the required rate of return is 11 percent, what is the current stock price? Assume constant growth. (Round answer to 2 decimal places, e.g. 15.20.) Current stock price

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