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A firm's stock is selling for $71. The next annual dividend is expected to be $4.00. The growth rate is 11%. The flotation cost is

A firm's stock is selling for $71. The next annual dividend is expected to be $4.00. The growth rate is 11%. The flotation cost is $5. What is the cost of retained earnings?

A) 14.48%

B) 15.28%

C) 16.63%

D) 18.08%

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