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No-Growth Industries pays out all of its earnings as dividends. It will pay its next $4 per share dividend in a year. The discount rate

No-Growth Industries pays out all of its earnings as dividends. It will pay its next $4 per share dividend in a year. The discount rate is 12%.

What is the price-earnings ratio of the company?

What would the P/E ratio be if the discount rate were 10%?

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