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You expect that Bean Enterprises will have earnings per share of S2 for the coming...

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Finance

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You expect that Bean Enterprises will have earnings per share of S2 for the coming year. Bean plans to retain all of its earnings for the next three years. For the subsequent two years, the firm plans on retaining 50% of its earnings. It will then retain only 25% of its earnings from that point forward. Retained earnings will be invested in projects with an expected return of 20% per year. If Bean's equity cost of capital is 12%, then what is the price of a share of Bean's stock

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