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You expect a stock to pay out dividends of $1.23 next year (annual dividend). If the required return is 7% and dividends are expected to

You expect a stock to pay out dividends of $1.23 next year (annual dividend). If the required return is 7% and dividends are expected to grow at a constant rate of 6%, what is the stock's intrinsic value?

Give your answer to the nearest cent

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