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A firm's stock is selling for $78. The next annual dividend is expected to be $2.00. The growth rate is 12%. The flotation cost is

A firm's stock is selling for $78. The next annual dividend is expected to be $2.00. The growth rate is 12%. The flotation cost is $4. What is the cost of retained earnings? (Round your answer to 2 decimal places.) Multiple Choice 14.56% 16.01% 12.41% 13.21%

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