Question: A company has announced that it will pay a dividend of $2.01 per share next year, and thereafter you expect the dividend to grow at

A company has announced that it will pay a dividend of $2.01 per share next year, and thereafter you expect the dividend to grow at a constant rate of 5.7% per year indefinitely into the future. If the required rate of return is 8.3% per year, what would be a fair price for the stock today? (Answer to the nearest penny.)

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