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( 2 ) Bill s Bakery expects earnings per share of $ 2 . 5 6 next year. Current book value is $ 4 .

(2)Bills Bakery expects earnings per share of $2.56 next year. Current book value is $4.70 per share. The appropriate discount rate for Bills Bakery is 11 percent. Calculate the share price for Bills Bakery if earnings grow at 3 percent forever. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Share Price =?

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