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Rose Motels Inc., just paid a dividend of $2.75. However, its subsequent dividends are expected to decline by 3% per year for the foreseeable future.

Rose Motels Inc., just paid a dividend of $2.75. However, its subsequent dividends are expected to decline by 3% per year for the foreseeable future. If the required rate of return on this stock is 12%, what price should one of their shares sell for?

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