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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

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 plowback ratio of 0.20. Its earnings one year from now will be $3 per share. Investors expect a 12% rate of return on the stock. What price do you expect ART shares to sell for in 4 years?

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