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A firm's price-to-earnings ratio is 16. It has just paid a dividend of $1.80 per share to maintain a 45 percent payout ratio. What is

A firm's price-to-earnings ratio is 16. It has just paid a dividend of $1.80 per share to maintain a 45 percent payout ratio. What is the firm's current market price if its return on equity is 12 percent

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