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The JacksonTimberlake Wardrobe Co. just paid a dividend of $3.71 per share on its stock. The dividends are expected to grow at a constant rate

The JacksonTimberlake Wardrobe Co. just paid a dividend of $3.71 per share on its stock. The dividends are expected to grow at a constant rate of 5.9% per year indefinitely. Investors require a return of 11.6% on the company's stock. What is the current stock price? (Round answer to two decimal places.)

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