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Google recently had a market cap of $ 1 9 1 billion, total equity of $ 2 0 . 7 billion, and 3 1 5

Google recently had a market cap of $191 billion, total equity of $20.7 billion, and 315 million shares outstanding. At about the same time, the PB of Yahoo and eBay was 4. Assume that we desire a minimum 12% annual return on our investments, and that we believe Google will sell at 4 times book value five years from now. What must Google earn (ROE) on average over the next 5 years to make it a worthwhile investment?
(Assume that Google pays no dividends.)
Do not round until your final answer. Round final answer to one decimal place (ex: 0.2345=23.5%).

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