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Bennington Enterprises earned $ 3 4 million this year. The report also stated that the firm s return on equity is 1 6 percent. Bennington

Bennington Enterprises earned $

34

million this year. The report also stated that the firm

s return on equity

16

percent. Bennington retains

80

percent of its earnings. What is the firm

s earnings growth rate?

What will next year

s earnings be

?

Please, I want the solution step by step, not Excel or a financial calculator

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