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Company Z ' s earnings and dividends per share are expected to grow indefinitely by 2 % a year. Assume next year's dividend per share

Company Z's earnings and dividends per share are expected to grow indefinitely by 2% a year. Assume next year's dividend per share is $13. The cost of equity is 11%. If Company Z were to distribute all of its earnings, it could maintain a level dividend stream of $4 a share. How much is the market actually paying per share for growth opportunities?

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