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Shares of Pablo Rada, Inc. sell for $45.38 each. The company will pay a $3.80 per share dividend next year. Investors expect Pablo Rada will

Shares of Pablo Rada, Inc. sell for $45.38 each. The company will pay a $3.80 per share dividend next year. Investors expect Pablo Rada will increase this dividend by 5.9 percent annually in perpetuity. What is the required annual return on this stock?

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