Question $20(1$ point$)$

Find the price of the following stock today $($using formula $7\mathrm{.}1$ of the textbook$)$: It is expected to pay out a dividend of $$1\mathrm{.}35$ per share in one year. The expected stock price in one year is $$28$ per share and investors' expected return is $7\%.$ Round to the nearest penny.

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