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The Francis Company is expected to pay a dividend of D 1 = $2.45 per share at the end of the year, and that dividend

The Francis Company is expected to pay a dividend of D1 = $2.45 per share at the end of the year, and that dividend is expected to grow at a constant rate of 6.00% per year in the future. The company's beta is 0.60, the market risk premium is 5.50%, and the risk-free rate is 4.00%. What is the company's current stock price? Do not round intermediate calculations.

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