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Michael's, Inc. had earnings per share of 5.25. The company announced that it plows back 60% of its earnings into projects returning 7.6667%. If you

Michael's, Inc. had earnings per share of 5.25. The company announced that it plows back 60% of its earnings into projects returning 7.6667%. If you require a rate of return of 8.8 percent, how much are you willing to pay today to purchase one share of Michael's stock?

$54.40
$52.30
$24.96
$26.15
$16.39

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