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ART has come out with a new and improved product. As a result, the firm projects an ROE of 23%, and it will maintain a

ART has come out with a new and improved product. As a result, the firm projects an ROE of 23%, and it will maintain a plowback ratio of 0.25. Its earnings this year will be $4.0 per share. Investors expect a 15% rate of return on the stock. What price do you expect ART shares to sell for in 4 years?

rev: 11_30_2016_QC_CS-71299

$63.92

$38.35

$44.56

$40.56

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