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You expect Knox Inc will pay dividends of $2.29 one year from today and $2.76 one year after that. Then, in year three and continuing
You expect Knox Inc will pay dividends of $2.29 one year from today and $2.76 one year after that. Then, in year three and continuing every year thereafter, Knox's annual dividend will be a constant $2.87. Using a required rate of return of 13.6%, compute a fair price for the stock today. Round your answer to the nearest penny.
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