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Under the following conditions, P 0 = D 1 based on payout ratio of 20% and EPS of $12 D 1 = payout ratio *

Under the following conditions, P0=

D1based on payout ratio of

20%

and EPS of

$12

D1= payout ratio * EPS

$2.40

rs=

12%

g =

10%

P0=

$?

$100
$120
$140
$160

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