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Stagnant Iron and Steel Co. currently pays a $7.40 annual cash dividend (Dalit plans to maintain the dividend at this level for the foreseeable future,

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Stagnant Iron and Steel Co. currently pays a $7.40 annual cash dividend (Dalit plans to maintain the dividend at this level for the foreseeable future, as no future growth is anticipated If the required rate of return by common shareholders (K)is 15 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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