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What would you pay for a stock that will pay a dividend of $6.25 next year if the expected dividend growth rate is 4% and

What would you pay for a stock that will pay a dividend of $6.25 next year if the expected dividend growth rate is 4% and you require a 8% return on your investment?

ROUND YOUR FINAL ANSWER TO TWO DECIMAL PLACES (i.e., THE NEAREST CENT).

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