Question: 3 Formula 2 5 points A stock will pay a dividend of $ 1 . 1 1 exactly one year from today. Thereafter, dividends will

3 Formula 25 points
A stock will pay a dividend of $1.11 exactly one year from today. Thereafter, dividends will grow at a constant rate of 2% per year. If the discount rate is 11%, what is a fair price for the stock today? Round your answer to the nearest penny.
3 Formula 2 5 points A stock will pay a dividend

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