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A company pays out 58% of earnings as dividends and earns 19.7% on new investment. Assuming that the firm is growing at a steady state

A company pays out 58% of earnings as dividends and earns 19.7% on new investment. Assuming that the firm is growing at a steady state and the constant dividend growth model applies, what is the forward price earnings (P/E) multiple to two decimal places if the shareholders require a return of 13.4%

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