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Suppose this year Bank of America's common stock gave $ 1 dividend this year. The company announce that its future dividends will be growing by

Suppose this year Bank of America's common stock gave $

1

dividend this year. The company announce that its future dividends will be growing by

5 %

annually for the foreseeable future. If you require a

10 %

return on your investment, how much are you willing to pay for the stock?

(

Round your answer to two decimal point

)

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