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High Speed Dirt Inc. is expected to pay a dividend of $3.94 at the end...

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High Speed Dirt Inc. is expected to pay a dividend of $3.94 at the end of the year (D1=$3.94). The dividends are expected to grow at a constant rate of 4% annually forever. The risk-free rate, rRF, is 2%. The expected market return, rM, is 11%. High Speed Dirt has a beta of 1.2. What is the intrinsic value of this stock? (Round your answer to 2 decimal places.)

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