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The Spinnaker Company has paid an annual dividend of $2.20 per share for some time. Recently, the board of directors voted to grow the dividend

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The Spinnaker Company has paid an annual dividend of $2.20 per share for some time. Recently, the board of directors voted to grow the dividend by 5.5% per year from now on. What is the most you would be willing to pay for a share of Spinnaker if you expect a 14% return on your stock investments? Round the answer to two decimal places. $

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