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Universal Laser just paid a dividend of $3.25 on its stock. The growth rate in dividends is expected to be a constant 5 percent per year indefinitely. Investors require a return of 14 percent for the first three years, a return of 12 percent for the next three years, and then a return of 10 percent thereafter. What is the current share price for the stock? (Do not round intermediate calculations and round your final answer to 2 decimal places (e.g., 32.16).)

 

Current share price

$