Question: The average ROE for High Flyer Inc. (HFI) over the last business cycle was 32%. HFI's earnings per share for 2008 are expected to be

The average ROE for High Flyer Inc. (HFI) over the last

The average ROE for High Flyer Inc. (HFI) over the last business cycle was 32%. HFI's earnings per share for 2008 are expected to be $5. The dividend payout ratio is 30%, and the current book value per share is $14. Shares are trading in the market at $54. HFI's normalized earnings per share are closest to: Select one: a $4.48 b. $5.26 C. $5.89 d. $6.50

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