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A stock sells for $20. The next dividend will be $3 per share. If the rate of return earned on reinvested funds is a constant

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A stock sells for $20. The next dividend will be $3 per share. If the rate of return earned on reinvested funds is a constant 12% and the company reinvests 50% of earnings in the firm, what must be the discount rate? (Enter your answer as a whole percent.) Discount rate

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