(Common stock valuation) Mosser Corporation's common stock paid $1.23 in dividends last year and is...

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(Common stock valuation) Mosser Corporation's common stock paid $1.23 in dividends last year and is expected to grow indefinitely at an annual 4 percent rate. What is the value of the stock if you require a return of 11 percent?
The value of the Mosser Corporation's common stock is $ (Round to the nearest cent)
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