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Tiger Golf Supplies has $21 million in earnings with 6 million shares outstanding. Its investment banker thinks the stock should trade at a P/E ratio

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Tiger Golf Supplies has $21 million in earnings with 6 million shares outstanding. Its investment banker thinks the stock should trade at a P/E ratio of 27. Assume there is an underwriting spread of 7.8 percent. What should the price to the public be? (Do not round intermediate calculations and round your answer to 2 decimal places.) Answer is complete but not entirely correct. Price $ 87.13

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