Firm earnings and dividends are expected

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A firm's earnings and dividends are expected to decline at a constant rate of 4% per year. The most recent dividend (Div0) was $4.0 and the required return on the stock is 11%. The current price of the stock 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).

Reference no: EM131517055

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