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XYZ is expected to pay a dividend next year of $1.20. The growth in dividends is expected to be 4% per annum indefinately. The market

XYZ is expected to pay a dividend next year of $1.20. The growth in dividends is expected to be 4% per annum indefinately. The market return for XYZ stock is 8%. What is the expected price of the stock? Please show your work.

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