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ABC Inc has just announced to cut its year one dividend from $1.75 to $1.00 per share and use the extra funds to expand. Prior to these announcement dividends were expected to grow at 5% per year indefinitely and ABC's stock was trading at $35 per share. With the new expansion dividends are expected to grow at 7% per year indefinitely. Assuming the risk is unchanged by expansion, the value of a share of ABC is?