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An equity market’s forecasted EPS is 15.30. Assuming a required real return on equity of 8%, a current dividend of 10, current supernormal growth of 9.5%, a long-term sustainable rate of growth of 2.0%, and a 20-year period of linear growth decline, the estimated forward price-earnings ratio (P0/E1) of the market is closest to: A. 15.4. B. 19.3. C. 23.1. |