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Ace Ventura, Inc., has expected earnings of $4 per share for next year. The firm's ROE is 10%, and its earnings retention ratio is 7.5%.

Ace Ventura, Inc., has expected earnings of $4 per share for next year. The firm's ROE is 10%, and its earnings retention ratio is 7.5%. If the firm's market capitalization rate is 2%, what is the present value of its growth opportunities?

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