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Bill's Bakery expects earnings per share of $2.92 next year. Current book value is $3.80 per share. The appropriate discount rale for Bill's Bakery is

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Bill's Bakery expects earnings per share of $2.92 next year. Current book value is $3.80 per share. The appropriate discount rale for Bill's Bakery is 10.6 percent. Calculate the share price for Bill's Bakery if earnings grow at 2.6 percent forever. (Do not round intermediate calculations. Round your answer to 2 decimal places.)

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