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INR Ltd’s earnings per share next year is expected to be $2.20 and the earnings are...

INR Ltd’s earnings per share next year is expected to be $2.20 and the earnings are expected to grow at 5% p.a. for the foreseeable future. Its required rate of return on equity has been estimated to be 9% p.a. The company has a policy of reinvesting 40% of its earnings. The present value of the company's growth opportunities is closest to:

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