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AT&T is currently trading for $23.01. Last year, AT&T paid an annual dividend of $1.05 with dividends historically growing by 1% per year. Under the

AT&T is currently trading for $23.01. Last year, AT&T paid an annual dividend of $1.05 with dividends historically growing by 1% per year. Under the DDM, what is the required return for AT&T?

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