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Zeon Inc. has expected earnings of $ 4 . 5 per share for next year. The firm's ROE is 1 2 % , and its

Zeon Inc. has expected earnings of $4.5 per share for next year. The firm's ROE is 12%, and its dividend payout ratio is 35%. If the firm's market capitalization rate is 10%, what is the present value of its growth opportunities?

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