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Colcord Enterprises is a mature manufacturing firm. The company just paid a dividend of $14.55,...

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Colcord Enterprises is a mature manufacturing firm. The company just paid a dividend of $14.55, but management expects to reduce the payout by 4.4 percent per year, indefinitely. If you require a return of 7 percent on this stock, what will you pay for a share today? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Current share price

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