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J.P. Morgan Chase Corp., has expected earnings of $4 per share for next year. The company's ROE is 14%, and its earnings retention ratio is

J.P. Morgan Chase Corp., has expected earnings of $4 per share for next year. The company's ROE is 14%, and its earnings retention ratio is 80%. If the company's market capitalization rate is 8%, what is the present value of its growth opportunities if the companys expected P/E ratio is 20?

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