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You are investing in a share of stock. The share just paid a dividend of $7.18. The dividend has been growing and is expected to

You are investing in a share of stock. The share just paid a dividend of $7.18. The dividend has been growing and is expected to grow forever at a rate of 5.90% per year. You require a 16.26% rate of return on the stock investment. What would be a fair price/share in 8 years?

(Answer to nearest $0.01)

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