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Annie's Donut Shop has expected earnings of $3 per share for next year. The firm's ROE is 18% and its earnings retention ratio is 60%.

Annie's Donut Shop has expected earnings of $3 per share for next year. The firm's ROE is 18% and its earnings retention ratio is 60%. If the discount rate is 10.50%, what is the walue of the firm excluding any growth opportunities

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