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You are investing in a share of stock. The share will pay a dividend of $5.23 at the end of the first year. The dividend

You are investing in a share of stock. The share will pay a dividend of $5.23 at the end of the first year. The dividend is expected to grow forever at a rate of 3.75% per year. You require a 10.24% rate of return on the stock investment. What is a fair price (or, value) for this share of stock? (Answer to nearest $0.01)

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