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Suppose that a company is expected to pay a dividend per share of $30 per year forever. If investors require a rate of return of

Suppose that a company is expected to pay a dividend per share of

$30

per year forever. If investors require a rate of return of

11%

to invest in this stock, what is its price?

The stock price is

$? enter your response here.

(Round your response to two decimal places.)

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