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A company's stock is currently selling at $45/shr. Next year's earnings are expected to be $3/shr. Assuming that the current level of earnings can be

A company's stock is currently selling at $45/shr.

Next year's earnings are expected to be $3/shr.

Assuming that the current level of earnings can be maintained without new investment, calculate the PVGO (Present Value of Growth Opportunities) if investors require a return of 10%.

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