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Washington Inc Stock pays out all its earnings every year as dividends. Its expected annual dividend is $10.90, and the first payment will occur exactly
Washington Inc Stock pays out all its earnings every year as dividends. Its expected annual dividend is $10.90, and the first payment will occur exactly one year from today. Washington's beta is 1.3, the risk-free rate is 4.0% and the market risk premium is 7.7%. According to the CAPM and efficient markets, what should the stock price be today? Round your answer to the nearest penny.
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