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Sandstone Real Estate estimates dividends next year at $1.50. The firms required rate of return on equity is 12 percent. If the firms rate of

Sandstone Real Estate estimates dividends next year at $1.50. The firms required rate of return on equity is 12 percent. If the firms rate of growth in annual dividends is 6 percent, calculate the price per share of Sandstone using the perpetual growth model. Round to two decimal places.

Price per share = $

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