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A management expects its common stock dividends to grow 1.86 percent per year for the indefinite future. The firms shares are currently selling for $22.95,

A management expects its common stock dividends to grow 1.86 percent per year for the indefinite future. The firms shares are currently selling for $22.95, and the firm just paid a dividend of $3.00 yesterday. What is the cost of common stock for this management ? Round to two decimal places.

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