Question: Fly High Co. is expected to pay a $1.6 per share dividend at the end of the year (i.e.,D 1 ). The dividend is expected

Fly High Co. is expected to pay a $1.6 per share dividend at the end of the year (i.e.,D₁). The dividend is expected to grow at a constant rate of 5% a year. The required rate of return on the stock, r, is 8%. What is the value per share of the company's stock? Round your answer to two decimal places.

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