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The shares of the Dyer Drilling Company sell for $60. The firm has a P/E ratio of 15 . Sixty percent of earnings is paid

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The shares of the Dyer Drilling Company sell for $60. The firm has a P/E ratio of 15 . Sixty percent of earnings is paid out in dividends. What is the firm's dividend yield? Note: Do not round your intermediate calculations. Input your answer as a percent rounded to 2 decimal places

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