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Required: The common stock of Royal Ranch House is selling for $18.64. The firm pays dividends that are expected to grow at a rate of

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Required: The common stock of Royal Ranch House is selling for \$18.64. The firm pays dividends that are expected to grow at a rate of 3.50% indefinitely. Your investment horizon is 6 years. What do you estimate the price of Royal Ranch House stock will be at that time? (Round your answer to 2 decimal places.)

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