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Hap Gilmore Inc. has expected earnings of $5% per share for next year. The firms ROE is 15% and its earnings retention ratio is 50%.

Hap Gilmore Inc. has expected earnings of $5% per share for next year. The firms ROE is 15% and its earnings retention ratio is 50%. If the fir' s market capitalization rate is 10%, what is the present value of growth opportunities?

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