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A P/E multiple could be high relative to the S&P 500 Index because its high growth rate justifies it. If a certain stock has an

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A P/E multiple could be high relative to the S&P 500 Index because its high growth rate justifies it. If a certain stock has an assumed growth rate of 4.14% with a dividend payout ratio of 47.7% and a required return of 12.05%. What is the justified forward P/E for this company? State your answer with two decimal places (13.21)

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