The company pledges to increase its dividend

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Caan Corporation will pay a $2.54 per share dividend next year. The company pledges to increase its dividend by 3.5 percent per year indefinitely. If you require a return of 11 percent on your investment, 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.)

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Reference no: EM131047688

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