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A firm just paid an annual dividend of $1
A firm just paid an annual dividend of $1.30. The expected annual growth rate of earnings is 5% forever and the investors' required rate of return is 9%. What is the value of this stock? Round to the nearest cent. Do not include the dollar sign in your answer. (i.e. If your answer were $1.23, then type 1.23 without a $ sign)
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