The following are ROCE forecasts made for a firm at the end of 2010.

ROCE is expected to continue at the same level after 2013. The firm reported book value of common equity of $3.2 billion at the end of 2010, with 500 million shares outstanding. If the required equity return is 12 percent, what i the per-share value of these shares?

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2011 2012 2013 12.0% Return of common equity (ROCE) 12.0% 12.0%