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Vansel Inc. retains most of its earnings and currently has earnings per share of P11. Vansel expects its earnings to grow at a constant rate

Vansel Inc. retains most of its earnings and currently has earnings per share of P11. Vansel expects its earnings to grow at a constant rate of 2% per year. If the average PE ratio of all other firms in Vansel's industry is 12, a fair price for Vansel stock today is P____.

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