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Assuming Cullumber Corp. has an ROE of 10% and investors require a 9% return on shares, estimate the firm's P/E ratio and market price given

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Assuming Cullumber Corp. has an ROE of 10% and investors require a 9% return on shares, estimate the firm's P/E ratio and market price given an EPS of $3.00 and a 20% payout ratio. (Round answers to 2 decimal ploces, es. 5.25)

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