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Alvarez Industries stock currently sells for $90 a share. It just paid a dividend of $4.77 a share (that is, D0 = $4.77). The dividend

Alvarez Industries stock currently sells for $90 a share. It just paid a dividend of $4.77 a share (that is, D0 = $4.77). The dividend is expected to grow at a constant rate of 6.5 percent a year. What is the required rate of return?

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