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The Starr Co. just paid a dividend of $1.30 per share on its stock. The dividends are expected to grow at a constant rate of
The Starr Co. just paid a dividend of $1.30 per share on its stock. The dividends are expected to grow at a constant rate of 4 percent per year, indefinitely. Investors require a return of 14 percent on the stock. What is the current price? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
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