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You are considering purchasing stock. The stock is expected to pay a dividend of $49 per share. The consensus of investors is that these dividends

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You are considering purchasing stock. The stock is expected to pay a dividend of $49 per share. The consensus of investors is that these dividends will increase at a rate of 3 percent per year for the indefinite future, and the interest rate is 12 percent. The price of the stock should be $(Enter your response rounded to two decimal places)

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