Question: eBook Problem Walk-Through A stock is expected to pay a dividend of $1.50 at the end of the year (l.e., D1 = $1.50), and it

eBook Problem Walk-Through A stock is expected to pay a dividend of $1.50 at the end of the year (l.e., D1 = $1.50), and it should continue to grow at a constant rate of 5% a year. If its required return is 12%, what is the stock's expected price 2 years from today? Do not round intermediate calculations, Round your answer to the nearest cent. $

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