Mature manufacturing firm

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Antiques ‘R’ Us is a mature manufacturing firm. The company just paid a dividend of $12.10, but management expects to reduce the payout by 4.5 percent per year, indefinitely. If you require a return of 11 percent on this stock, what will you pay for a share today? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Current share price.

Reference no: EM131870880

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