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The market-capitalization rate on the stock is 12%. The expected ROE is 15%, and the expected EPS are $3.50. If the firm's plowback ratio is

The market-capitalization rate on the stock is 12%. The expected ROE is 15%, and the expected EPS are $3.50. If the firm's plowback ratio is 30%, the justified forward P/E ratio will be:

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