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A firm plans to pay a $1.25 dividend next year out of it's $2.60 of earnings per share. Its dividends are growing at 3% per

A firm plans to pay a $1.25 dividend next year out of it's $2.60 of earnings per share. Its dividends are growing at 3% per year. Calculate the value of the company's growth opportunities (PVGO) assuming that investors require an 8% return on their investment.

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