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You are considering investing in General Motors. Based on your research you've gathered the following information: Beta: 0.88 Risk-Free Rate: 1.59% Market Risk Premium: 5.75%

You are considering investing in General Motors. Based on your research you've gathered the following information:

Beta: 0.88

Risk-Free Rate: 1.59%

Market Risk Premium: 5.75%

Next Year's Dividend: 1.04

You also don't expect General Motor's dividend to change going forward. Under the DDM, what is the most you should be willing to pay for a share of General Motors?

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