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The Black Forest Cake Company just paid an annual dividend of $ 3 . 1 9 . If you expect a constant growth rate of

The Black Forest Cake Company just paid an annual dividend of $3.19. If you expect a constant growth rate of 2.65 percent, and have a required rate of return of 8.29 percent, what is the current stock price according to the constant growth dividend model?
Round the answer to two decimal places.

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