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Titan Industries is not expected to pay a dividend until 10 years from now, at which time it is expected to pay a dividend of

Titan Industries is not expected to pay a dividend until 10 years from now, at which time it is expected to pay a dividend of $1.25 and increase the dividend at a rate of 4% thereafter. If the required rate of return is 12%, the current value of Titan is closest to:

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