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Winnimar Ince just paid a dividend of $2.20 on its common stock at the end of last year. Dividends next year are expected to be

Winnimar Ince just paid a dividend of $2.20 on its common stock at the end of last year. Dividends next year are expected to be $1.95. You believe you can sell the stock for $20.50? If your required rate of return on this stock is 12%, how much are you willing to pay for the stock today?

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