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QUESTION TWO [20] 2.1. A firm projects an ROE of 18%, it will maintain a payout ratio of 40%. The firm is expecting earnings of

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QUESTION TWO [20] 2.1. A firm projects an ROE of 18%, it will maintain a payout ratio of 40%. The firm is expecting earnings of R3 per share and investors expect a return of 11% on the investment. Calculate the expected share price and the P/E ratio of the firm. (10) 2.2. Discuss five (5) types of preference shares

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