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14. A company has common stock that can be sold for $37.94 per share. The stock paid a dividend at the end of last year

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14. A company has common stock that can be sold for $37.94 per share. The stock paid a dividend at the end of last year of $2.84. Dividends are expected to grow at an annual rate of 5 % indefinitely. Flotation costs associated with the sale of stock equal $4.61 per share. What is the corporation's cost of external equity? Round to two decimals

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