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Teal Corp. has been having trouble. The last dividend was $2.84, and it's projected to fall 5% per year indefinitely. If the required return is

Teal Corp. has been having trouble. The last dividend was $2.84, and it's projected to fall 5% per year indefinitely. If the required return is 8%, what is Teal Corp.'s stock price?

(Round to the nearest cent.)

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