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A company just paid a dividend of $1.30 per share. The consensus forecast of financial analysts is a dividend of $1.70 per share next year, $2.20 per share two years from now, and $2.80 per share in three years. You expect the price of the stock to be $34 in two years. If the required rate of return is 10% per year, what would be a fair price for this stock today? (Answer to the nearest penny)

Financial Management, Finance

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