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Stagnant Iron and Steel Co. currently pays a $14.55 annual cash dividend (De). It plans to maintain the dividend at this level for the foreseeable

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Stagnant Iron and Steel Co. currently pays a $14.55 annual cash dividend (De). It plans to maintain the dividend at this level for the foreseeable future, as no future growth is anticipated. If the required rate of retum by common shareholders (Ke) is 17 percent, what is the price of each common share? (Round the final answer to 2 decimal places.) Price of common share $

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