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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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