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Let most recent earnings per share be $12. The stock's cost of equity is 11.5%. The ROE is 9%. The retention ratio is 0.65. Dividends

Let most recent earnings per share be $12. The stock's cost of equity is 11.5%. The ROE is 9%. The retention ratio is 0.65. Dividends grow at 2.5% per year.

What is the present value of growth opportunities?

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