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A stock is expected to pay the following dividends: $1.0 in 1 year, $1.5 in 2 years, and $2.0 in 3 years, followed by growth in the dividend of 6% per year forever after that point. The stock's required return is 13%. The stock's current price (Price at year 0) should be $____________. Do not round any intermediate work, but round your final answer to 2 decimal places (ex: 12.34567 should be entered as 12.35).

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Financial Management, Finance

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