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Part A. Phil knows the economics of the business at least as well as the investment banker. Why does the investment banker's valuation assume a

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Part A. Phil knows the economics of the business at least as well as the investment banker. Why does the investment banker's valuation assume a lower projected growth rate than Phil's expected growth rate? Hint/Suggestion: Base your answer on material covered in the course rather than making up a story like owners always have rosier views of the future

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