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A stock sells for $20. The next dividend will be $3 per share. If the return on equity ROE is a constant 12% and the

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A stock sells for $20. The next dividend will be $3 per share. If the return on equity ROE is a constant 12% and the company reinvests 50% of earnings in the firm, what must be the opportunity cost of capital? (Do not round intermediate calculations.) Cost of Capital

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