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11. Next year's earnings are estimated to be $3. The company plans to reinvest 30% of its earnings at 20%. If the cost of equity

11.

Next year's earnings are estimated to be $3. The company plans to reinvest 30% of its earnings at 20%. If the cost of equity is 10%, what is the present value of growth opportunities?

$22.50

$21.50

$23.50

$10.10

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