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A firm's stock is selling for $70. The next annual dividend is expected to be $2.00. The growth rate is 11%. The flotation cost is

A firm's stock is selling for $70. The next annual dividend is expected to be $2.00. The growth rate is 11%. The flotation cost is $5. What is the cost of retained earnings? (Round your answer to 2 decimal places.) 13.86% 12.51% 15.31% 11.71%

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