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Please show the progress too. 7. If J.C. Penny Company Inc. has a P/E ratio of 6 which is expected to increase to 9 in

image text in transcribed Please show the progress too.

7. If J.C. Penny Company Inc. has a P/E ratio of 6 which is expected to increase to 9 in 3 years. The current EPS is $3.55 and expected to grow at a rate of 4% for the same period. What is the estimated stock price in 3 years? A. $23.96 B. $32.50 C. $35.94 D. $42.37

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