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Madison Tour, Inc., just paid a dividend of $3.15 per share on its stock. The dividends...

Madison Tour, Inc., just paid a dividend of $3.15 per share on its stock. The dividends are expected to grow at a constant rate of 6 percent per year, indefinitely. Assume investors require a return of 11 percent on this stock.

What will the price be in 3 years?

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