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You are evaluating the stock of Speith Corp. The company will pay a dividend of $2.10 per share next year and pledges to increase its

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You are evaluating the stock of Speith Corp. The company will pay a dividend of $2.10 per share next year and pledges to increase its dividend by 3.0 percent per year indefinitely. If you require a retum of 7 percent on your investment, how much will you pay for the company's stock today? (Do not round intermediate calculations and round your final answer to two decimal places)

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