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12 Annie's Donut Shops, Inc., has expected earnings of $8 per share for next year. The firm's ROE is 15%, and its earnings retention ratio

12 "Annie's Donut Shops, Inc., has expected earnings of $8 per share for next year. The firm's ROE is 15%, and its earnings retention ratio is 90%. If the firm's market capitalization rate is 12.5%, what is the value of the firm excluding any growth opportunities? 10 po

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