12. Assume the current selling price of a firms stock is: $72. Using the Excel file Dividend Data, compute the firms annualized cost of equity using the Gordon dividend model.

B A 1 Dividend Data 2 3 Semi-Annual Period 4 5 1 2 Dividend per share 0.160 0.165 0.170 6 7 3 8 4 0.176 9 5 0.181 10 6 0.191 0.210 11 7 8 12 0.215 13 9 0.227 14 10 15 11 0.230 0.240 0.248 16 12 17 13 0.256 18 14 0.275 19 15 0.284 20 16 0.297 21 17 0.303 0.321 22 18 23 19 0.342 24 20 0.355 25 21 0.364 26 22 0.378 27