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The market value of Monteregie Corporation's 1 million outstanding common shares is $20 million. The firm is expected to have earnings of $1,400,000 next year.

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The market value of Monteregie Corporation's 1 million outstanding common shares is $20 million. The firm is expected to have earnings of $1,400,000 next year. The 90-day government T-bill yields 3 percent. What is the present value of growth opportunities if the risk premium is 6 percent

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