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Ferrell Inc

Accounting

Ferrell Inc. recently reported net income of
$8 million. It has 540,000 shares of common stock, which currently trades at
$21 a share. Ferrell continues to expand and anticipates that 1 year from
now its net income will be $13.2 million. Over the next year, it also
anticipates issuing an additional 81,000 shares of stock so that 1 year from
now it will have 621,000 shares of common stock. Assuming Ferrell’s
price/earnings ratio remains at its current level, what will be its stock price 1
year from now?

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