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3. Stock in Daenerys Industries has a beta of 1.2. The market risk premium is 8 percent, and T-bills are currently yielding 5.1 percent. The

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3. Stock in Daenerys Industries has a beta of 1.2. The market risk premium is 8 percent, and T-bills are currently yielding 5.1 percent. The company's most recent dividend was $1.50 per share, and dividends are expected to grow at an annual rate of 8 percent indefinitely. If the stock sells for $40 per share, what is your best estimate of the company's cost of equity

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