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KTC Co. is predicted to generate $2.8 earnings per share in this year. The company pays $1 dividend currently. If the company has a P/E

KTC Co. is predicted to generate $2.8 earnings per share in this year. The company pays $1 dividend currently. If the company has a P/E ratio of 20 . What is the (intrinsic) value of this company's stock? Round your answer to two decimal places

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