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Consider a stock that is expected to pay a dividend of $1.06 one year from...

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Finance

Consider a stock that is expected to pay a dividend of $1.06 one year from now. The dividend is expected to grow at a constant rate of 4.9% per year forever. Firms in the same industry provide an expected rate of return of 12%. What is the current price of the stock?

Enter your response below rounded to 2 DECIMAL PLACES.

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