Assume the current selling price of a firm's stock \$108 and dividends are paid semi-annually. Using the Excel file Dividend Data, compute the firm's annualized cost of equity using the Gordon dividend model. Dividend Data \begin{tabular}{|c|c|} \hline Semi-Annual Period & Dividend per share \\ \hline 1 & $0.32 \\ \hline 2 & $0.32 \\ \hline 3 & $0.32 \\ \hline 4 & $0.48 \\ \hline 5 & $0.60 \\ \hline 6 & $0.60 \\ \hline 7 & $0.60 \\ \hline 8 & $0.80 \\ \hline 9 & $0.80 \\ \hline 10 & $1.00 \\ \hline 11 & $1.00 \\ \hline 12 & $1.00 \\ \hline 13 & $1.25 \\ \hline 14 & $1.25 \\ \hline 15 & $1.25 \\ \hline 16 & $1.25 \\ \hline 17 & $1.55 \\ \hline 18 & $1.55 \\ \hline 19 & $1.55 \\ \hline 20 & $1.80 \\ \hline 21 & $1.80 \\ \hline 22 & $1.80 \\ \hline 23 & $1.80 \\ \hline 24 & $1.80 \\ \hline \end{tabular}