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Flanders, Inc., has expected earnings of $4 per share for next year. The firm's ROE is 13%, and its earnings retention ratio is 30%. If

Flanders, Inc., has expected earnings of $4 per share for next year. The firm's ROE is 13%, and its earnings retention ratio is 30%. If the firm's market capitalization rate is 8%, what is the present value of its growth opportunities? "

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