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ART has come out with a new and improved product. As a result, the firm projects an ROE of 25%, and it will maintain a

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ART has come out with a new and improved product. As a result, the firm projects an ROE of 25%, and it will maintain a plomback ratio of 0.20. Its earnings this year will be $3 per share. Investors expect a 12 rate of return on the stock What is the present value of growth opportunities for ART? $8.57 $9.29

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