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Adidas stock has a beta of 1.7. The risk-free rate is 2.1% and the expected return on the market portfolio is 9%. The company has

Adidas stock has a beta of 1.7. The risk-free rate is 2.1% and the expected return on the market portfolio is 9%. The company has just paid an annual dividend of $0.32. Dividends are expected to grow by 3% per year

What is the appropriate discount rate

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