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A Company's last dividend was $1.15. Its dividend growth rate is expected to be constant at 6.5% forever and the stock price is $60. The

A Company's last dividend was $1.15. Its dividend growth rate is expected to be constant at 6.5% forever and the stock price is $60. The flotation cost on any new stock issue will be 7%. The companys tax rate is 40%. What is cost of new common stock for this company?

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