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You are valuing the stock for a company. The company just paid an annual dividend of $1 this morning. It is expected the company's dividends

You are valuing the stock for a company. The company just paid an annual dividend of $1 this morning. It is expected the company's dividends will grow at an effective annual rate of 3% per year forever. You expect the company should be able to make an effective annual rate of 7% per year. How does the stock cost today?

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