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9. A firm expects to earn $7 per share next year. The firm's ROE is 12% and its dividend payout ratio is 45%. If the

9. A firm expects to earn $7 per share next year. The firm's ROE is 12% and its dividend payout ratio is 45%. If the firm's market capitalization rate is 8%, what is the present value of its growth opportunities? Show your calculations

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