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You buy a stock for which you expect to receive an annual dividend of $2.10 for the 15 years that you plan on holding it.

You buy a stock for which you expect to receive an annual dividend of $2.10 for the 15 years that you plan on holding it. After 15 years, you expect to sell the stock for 32.25.

What is the present value of a share for this company if you want a 10% return?

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