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Next year's earnings are estimated to be $3. The company plans to reinvest 20% of its earnings at 15%. If the cost of equity is

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Next year's earnings are estimated to be $3. The company plans to reinvest 20% of its earnings at 15%. If the cost of equity is 9%, what is the present value of growth opportunities? Multiple Choice $5.67 $7.67 $6.67 $9.09

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