Question: Hoyle Inc. will pay a $3.05 per share dividend next year. The company pledges to increase its dividend by 4.10 percent per year indefinitely. If

Hoyle Inc. will pay a $3.05 per share dividend next year. The company pledges to increase its dividend by 4.10 percent per year indefinitely. If you require a return of 12 percent on your investment, how much will you pay for the company's stock today?

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