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Stock A just paid a quarterly dividend of $4. Dividends are expected to grow each quarter at a constant rate of 3%, and dividends are

Stock A just paid a quarterly dividend of $4. Dividends are expected to grow each quarter at a constant rate of 3%, and dividends are expected to be paid forever. If an investor requires a 22% annual rate of return, compounded quarterly, what is the price of this stock? [Choose closest answer]

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