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The last dividend of Delta, Inc. was $ 1 3 . 5 7 , the growth rate of dividends is expected to be 4 .

The last dividend of Delta, Inc. was $13.57, the growth rate of dividends is expected to be 4.17 percent, and the required rate of return on this stock is 12.12 percent. What is the expected stock price at the end of the next year (at the beginning of year 2) according to the constant growth dividend model assuming the required rate of return and expected growth rate do not change?

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