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If the expected ROE on reinvested camnings is equal tok, the multistage DDM reduces to Vo - Treasury bond yield in Vo(Expected EPS in Vo

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If the expected ROE on reinvested camnings is equal tok, the multistage DDM reduces to Vo - Treasury bond yield in Vo(Expected EPS in Vo - (Market retum in a Von (Expected dividend yield Ob year 1) year oc year) in year IV

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