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Question: a stock is expected to pay a dividend of 050...

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A stock is expected to pay a dividend of $0.50 at the end of the year (i.e., D1 = $0.50), and it should continue to grow at a constant rate of 3% a year. If its required return is 12%, what is the stock's expected price 1 years from today? Round your answer to two decimal places. Do not round your intermediate calculations.

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