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You are thinking about investing in stock in a company that paid a dividend of...

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Finance

You are thinking about investing in stock in a company that paid a dividend of $0.70 this year and whose dividends you expect will grow at 6% a year. The risk-free rate is 1.75% and you require a risk premium of 7%. What is the maximum price at which you should buy the stock? That is, what is the current purchase price of the stock? Round your answer to two decimal places.

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