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A firm current (fiscal year 2014) earnings per share are at $1.53. Its book value of equity per share is at $6 on Dec 31

A firm current (fiscal year 2014) earnings per share are at $1.53. Its book value of equity per share is at $6 on Dec 31 2014. Stock A is trading on Dec 31 2014 at $40.91. It has 5 million shares outstanding. Assume that the cost of equity for stock A is at 9% per year. Fiscal Year 2015 2016 2017 Earnings 1.67 1.54 0.30 Dividends 1.23 1.36 1.44 Question: Compute cum-dividend earnings for 2015-2017 (Please elaborate steps of calculating cum-dividend earnings for 2015)

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