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Torbay Corporation will pay a $3.40 per share dividend next year. The company pledges to increase its dividend by 4.5% per year indefinitely. If you

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Torbay Corporation will pay a $3.40 per share dividend next year. The company pledges to increase its dividend by 4.5% per year indefinitely. If you require an 11% return on your investment, how much will you pay for the company's stock today? (Round the final answer to 2 decimal places. Omit $ sign in your response.) Stock price

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