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Stagnant Iron and Steel currently pays a $14.55 annual cash dividend (D0). They plan to maintain the dividend at this level for the foreseeable future

Stagnant Iron and Steel currently pays a $14.55 annual cash dividend (D0). They plan 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 stockholders (Ke) is 17 percent, what is the price of the common stock? (Do not round intermediate calculations. Round your answer to 2 decimal places)

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