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Charles Wilson is interested in purchasing the common stock of Sunland, Inc

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Charles Wilson is interested in purchasing the common stock of Sunland, Inc., which is currently priced at $48.38. The company is expected to pay a dividend of $2.58 next year and to increase its dividend at a constant rate of 8.60 percent.

What should the market value of the stock be if the required rate of return is 14 percent?

 (Round answer to 2 decimal places, e.g. 15.20.)

Market value of stock$