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You have invested in a stock of Able Enterprises efficiently priced by the capital asset pricing model with a beta of 1.50. The stock is

You have invested in a stock of Able Enterprises efficiently priced by the capital asset pricing model with a beta of 1.50. The stock is expected to pay a fixed dividend of $3 over the foreseeable future. If the treasury bill rate is currently 3% and the market risk premium is 5%. Calculate the price of the stock.

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