Barrett Industries invests a large sum of money in R&D; as a result, i
QUESTION
Barrett Industries invests a large sum of money in R&D; as a result, it retains and reinvests all of its earnings. In other words, Barrett does not pay any dividends and it has no plans to pay dividends in the near future. A major pension fund is interested in purchasing Barretts stock. The pen
1
= 2,000,000/1.12
4
= P = $25,363,943.41
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