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The CFO of ChemGen Ltd., a publicly traded chemical manufacturer, is in the process of evaluating the company’s dividend policy in relation to shareholder value. ChemGen’s dividend per share has been held constant at $2.30 for the last 10 years. The CFO would like to implement a 5% yearly dividend growth policy at ChemGen starting next year. The CFO has determined that the required return in the market for ChemGen stock is 13%. What is the forecasted value of ChemGen stock in 5 years if the CFO’s dividend growth policy is implemented?