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hi sir , hope u r doing well please see the attachment .. my question just about only 14 and 15

hi sir , hope u r doing well

please see the attachment .. my question just about only 14 and 15
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Accounting-7587485.doc

Answer 14
a.
Year 1 2 3 Earnings $45,000 $40,000 $35,000 Less: return $20,900 $19,855 $18,862 Excess return $24,100 $20,145 $16,138 The firm should thus be valued at more than the book value....

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