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Stock PJ, which has a beta of 1.2, paid a dividend of $0.73 today. You believe that Stock PJ can sustainably increase its dividend by

Stock PJ, which has a beta of 1.2, paid a dividend of $0.73 today. You believe that Stock PJ can sustainably increase its dividend by 4.3% per year. The risk-free rate is 4.4% per year and the market risk premium is 5.5%. According to these numbers and assumptions, what should the price of Stock PJ be today? Round to the nearest penny.

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