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A company is expected to pay a dividend of $7 per share next year. There has been a steady growth in dividends of 6.9% per

A company is expected to pay a dividend of $7 per share next year.

There has been a steady growth in dividends of 6.9% per year and the market expects this growth rate to continue.

The current price is $45. What is the cost of equity in percentage?

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