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Bill's Bakery expects earnings per share of $ 2.56 next year. Current book value is $ 4.70 per share. The appropriate discount rate for Bill's

Bill's Bakery expects earnings per share of $ 2.56 next year. Current book value is $ 4.70 per share. The appropriate discount rate for Bill's Bakery is 11 percent. Calculate the share price for Bill's Bakery if earnings grow at 3 percent forever.

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