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You are analyzing a common stock whose most recent dividend is $4.34 per share and its sustainable growth rate of dividends is 3.5 percent. Its current stock price is $45.37 per share. Based on the constant growth dividend valuation model, what is this company's cost of equity? Report your answer in decimal form, rounded to the nearest fourth decimal place (e.g., if your answer is 12.3456%, report your answer as 0.1235 )