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Ace Ventura, Inc., has expected earnings of $15 per share for next year. The firm's ROE is 12.5%, and its earnings retention ratio is 5%.

Ace Ventura, Inc., has expected earnings of $15 per share for next year. The firm's ROE is 12.5%, and its earnings retention ratio is 5%. If the firm's market capitalization rate is 9%, what is the present value of its growth opportunities?

round to the 3rd decimal

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