Question: Cybernetics Corp does not plan to issue a dividend for 9 years. On the 10th year, the company plans to issue a dividend of $1.90

Cybernetics Corp does not plan to issue a dividend for 9 years. On the 10th year, the company plans to issue a dividend of $1.90 and expects future dividends to grow by 3.7% each year thereafter. If you require a return of 9.0%, what is the maximum price you are willing to pay today for this stock?

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