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Chittenden Enterprises has 634 million shares outstanding. It...

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Chittenden Enterprises has 634 million shares outstanding. It...

Chittenden Enterprises has 634 million shares outstanding. It expects earnings at the end of the year to be $960 million. The firm's equity cost of capital is 9%. Chittenden pays out 30% of its earnings in total: 20% paid out as dividends and 10% used to repurchase shares. If Chittenden's earnings are expected to grow at a constant 3% per year, what is Chittenden's share price?

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Answered by bajajayushi18 on coursehero.com
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