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What was the average expected return on the market (i.e. r) over this period, based on the historical average P/E ratio of 16?

What was the average expected return on the market (i.e. r) over this period, based on the historical average P/E ratio of 16? Over the entire period, the expected growth rate of earnings was a constant 7.2%. Assume the dividend payout ratio is 50%

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