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Reggie Corporation just paid a dividend (D 0 ) of 3.09 per share. It expects future dividends to grow at an annual rate of 3%

Reggie Corporation just paid a dividend (D0) of 3.09 per share. It expects future dividends to grow at an annual rate of 3% indefinitely. The required return of the company's owners is 11%. Given this data, what should be the price per share of the company's common stock? Present your answer to two decimal places, e.g., 45.67 per share.

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