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QUESTION

Sandstone Real Estate estimates dividends next year at $1. The firm's required rate of return on equity is 12 percent.

Sandstone Real Estate estimates dividends next year at $1.50. The firm's required rate of return on equity is 12 percent. If the firm's rate of growth in annual dividends is 6 percent, calculate the price per share of Sandstone using the perpetual growth model.

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