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Sanford common stock is expected to pay $1.75 in dividends next year, and the market price is projected to be $48.80 per share by year-end.

Sanford common stock is expected to pay

$1.75

in dividends next year, and the market price is projected to be

$48.80

per share by year-end. If investors require a rate of return of

9

percent, what is the current value of the stock?

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