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The Churgin Corp. had sales of $310 million this year, costswere $185 million and net investment was $55 million. Each of thesevalues is project to grow at 10% per year for the next 5 years,afterwards these values will grow at 4% indefinitely. There are10.25 million shares outstanding and investors require a 9% rate ofreturn on their investment. The corporate tax rate is 25%. Use thegrowing perpetuity formula to estimate the terminal value,calculate the current price per share of stock. (Round to 2decimals)
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