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Suppose the Abnormal Earnings model information for FBE Inc. is given as follows. 2020 2021F 2022F 2023F Closing Equity 6,500 7,100 7,400 8,000 Net Profit

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Suppose the Abnormal Earnings model information for FBE Inc. is given as follows. 2020 2021F 2022F 2023F Closing Equity 6,500 7,100 7,400 8,000 Net Profit 500 700 900 1,100 Assuming the long-term growth rate of abnormal earnings is 3% and the cost of equity 5%. What is the terminal value beyond 2023? Show your work

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