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Tater Tot Inc.'s common stock is expected to pay a dividend of $1.09 at the end of this year (D1=1.09). Their dividends are expected to
Tater Tot Inc.'s common stock is expected to pay a dividend of $1.09 at the end of this year (D1=1.09). Their dividends are expected to grow by 5% annually forever. You require a(n)12% return on these shares. What is the most you should be willing to pay for a share of Tater Tot's common shares? (Round your answer to 2 decimal places.)
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