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Bad Investment Incorporated has promised investors to pay a $3.00 per year dividend in perpetuity....

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Accounting

Bad Investment Incorporated has promised investors to pay a $3.00 per year dividend in perpetuity. If investors want a 23.00% return on this stock based on the risk, what intrinsic value of the stock today?

Answer Format: Currency: Round to: 2 decimal places. PLEASE PROVIDE EXPLANATION!

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