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Company Z's earnings and dividends per share are expected to grow indefinitely by 5% a...

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Company Z's earnings and dividends per share are expected to grow indefinitely by 5% a year. Assume next year's dividend per share is $12 and next year's EPS is $5. The market capitalization rate is 9%. If Company Z were to distribute all of its earnings, it could maintain a level dividend stream of $5 a share. How much is the market actually paying per share for growth opportunities? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

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