b)    Adagio Corporation has return on equity (ROE) of 20% and its plowback ratio is p.  The ROE and the plowback ratio are expected to stay the same in all future periods.  The company's earnings are expected to be £4 per share next year.  The cost of capital is 15%.  What is the present value of growth opportunities of this corporation as a function of p?  Calculate the present value of its growth opportunities for p = 30%.

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