The growth in dividends of XYZ Inc. is expected to be 12% per year for the next two years, followed by a growth rate of 8% per year for three years; after this five-year period, the growth in dividends is expected to be 4% per year, indefinitely. The required rate of return on XYZ Inc. is 12%. Last year's dividends per share were $5.50. The price of the stock today should be closest to
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