Pay quarterly dividend-stock price

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Reference no: EM131507167

Caan Corporation will pay a quarterly dividend of $2.80 per share next quarter. The company pledges to increase its dividend by 3.00 percent per quarter indefinitely. If you require a return of 26.00 percent annually with quarterly compounding, how much will you pay for the company’s stock today? (Do not round intermediate calculations. Round your answer to 2 decimal places, e.g., 32.16.)

Stock price $_____

Reference no: EM131507167

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