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Grott and Perrin, Inc. has expected earnings of $3 per share for next year. The firm's ROE is 20% and its earnings retention ratio is

Grott and Perrin, Inc. has expected earnings of $3 per share for next year. The firm's ROE is 20% and its earnings retention ratio is 60%. If the firm's market capitalization rate is 15%, what is the present value of its growth opportunities?

$40

$60

$20

$80

$100

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