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15) Duke Energy has been paying dividends steadily for 20 years. During that time, dividends have grown at a compound annual rate of 4 %.

15) Duke Energy has been paying dividends steadily for 20 years. During that time, dividends have grown at a compound annual rate of 4 %. If Duke Energy's current stock price is $78 and the firm plans to pay a dividend of $7.10 next year, what is the required return on Duke's common stock?

The required return on Duke's common stock is __ % (Round to two decimal places.)

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