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South Korean steel manufacturer POSCO Steel is expected to pay a dividend of $0.85 at the end of the year. The required rate of return

South Korean steel manufacturer POSCO Steel is expected to pay a dividend of $0.85 at the end of the year. The required rate of return is r_s = 10.5%, and the expected constant growth rate is g = 6.4%.

Using the Dividend Discount Model, what is the current value of the stock? Enter your answer to the nearest penny.

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