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Stock X has a required return of 15%. Its earnings are expected to grow at 5% per year forever and it pays out half of

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Stock X has a required return of 15%. Its earnings are expected to grow at 5% per year forever and it pays out half of them as dividends. If next year's earnings are expected to be 20, what is its current stock price? (You may assume dividends growth rate is equal to earnings growth rate.)

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