Given that investors requiring an effective annual rate of


TMC Corporation paid out its semi-annual dividend of $2 three months ago. It is expected to pay a $2.2 dividend after three months. The following semi-annual dividends are expected to grow at a rate of 1.5% every half a year into the foreseeable future. Given that investors requiring an effective annual rate of return on TMC stock is 10%, what is the current per-share price of TMC stock?

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Financial Management: Given that investors requiring an effective annual rate of
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