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Tayco Corporation has just paid dividends of $4.5 per share. The earnings per share for the company was $5.5. If you believe that the appropriate

Tayco Corporation has just paid dividends of $4.5 per share. The earnings per share for the company was $5.5. If you believe that the appropriate discount rate is 12% and the long term growth rate in dividends is 4%, and earnings is 5%, what is the firm's forward P/E ratio?

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