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Whitmore Inc. just reported earnings of $11 million. It plans to retain 50% of its earnings and payout the rest in the form of a

Whitmore Inc. just reported earnings of $11 million. It plans to retain 50% of its earnings and payout the rest in the form of a dividend. The historical ROE for the firm is 8%, a figure that is expected to continue for the foreseeable future. Calculate the projected earnings one year from today. (Round to 2 decimals)

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