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QUESTION 18 A has expected earnings of $5 per share for next year. The firm's ROE is 15%, and its earnings retention ratio is 40%.

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QUESTION 18 A has expected earnings of $5 per share for next year. The firm's ROE is 15%, and its earnings retention ratio is 40%. If the firm's market capitalization rate is 10%, what is the present value of its growth opportunities

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