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You are evaluating the stock price of Kroger, a grocery store chain. It has forward earnings per share of $3.41. You notice that its competitor

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You are evaluating the stock price of Kroger, a grocery store chain. It has forward earnings per share of $3.41. You notice that its competitor Safeway has a P/E ratio of 12.3. What is a good estimate of Kroger's stock price? The stock price will be $ (Round to the nearest cent.)

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