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  3. five star corporation will pay a dividend of $3.04

Five Star Corporation will pay a dividend of $3.04 per share next year. The company...

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Accounting

Five Star Corporation will pay a dividend of $3.04 per share next year. The company pledges to increase its dividend by 3.75 percent per year, indefinitely. If you require a return of 11 percent on your investment, how much will you pay for the company's stock today?
Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g.,32.16.
Current stock price
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