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Penguin, Incorporated, has balance sheet equity of $ 5 . 7 million. At the same time, the income statement shows net income of $ 8

Penguin, Incorporated, has balance sheet equity of $5.7 million. At the same time, the income statement shows net income of $843,600. The company paid dividends of $459,762 and has 120,000 shares of stock outstanding. If the benchmark PE ratio is 21, what is the target stock price in one year? Assume the firm will grow at the sustainable growth rate.

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