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you purchased a share of Chance Corp. At the time, the market believed the company to pay investors a $2 dividend annually. Today, you want

you purchased a share of Chance Corp. At the time, the market believed the company to pay investors a $2 dividend annually. Today, you want to sell this share right after you receive your dividend. But today the company unexpectedly announced a new dividend policy. Starting next year, the market believes that Chance Corp will pay a $3 dividend annually, and will grow that dividend by 0.5% each year thereafter. Given a discount rate of 5%, how much did the price of a share of Chance Corp change?

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