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23. Whitewater Utilities has an ROE=10% and a beta of 0.9. It plans to main a plowback ratio of 0.6 indefinitely. Expected earnings of the

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23. Whitewater Utilities has an ROE=10% and a beta of 0.9. It plans to main a plowback ratio of 0.6 indefinitely. Expected earnings of the next year is $3 per share. Expected market return is 14% and T-bill rate is 6% a. What is the price of Whitewater Utilities today? b. What is the value of growth opportunity (PVOG)? c. What would be the stock price if the company increase plowback ratio to 80%

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