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China American Manufacturing has a beta of 1.50, the risk-free rate of interest is currently 12 percent, and the required return on the market portfolio is 18 percent. The company plans to pay a dividend of $2.45 per share int he coming year and anticipates that its future dividends will increase at an annual rate consistent with that experienced over the 2001-2003 period. Year 2003 Dividend 2.32; Year 2002, dividend 2.21; year 2001, dividend 2.10. Estimate the value of China America manufacturing's stock.

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