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Chichen Itza Inc. just paid its first annual dividend of $1.60 a share. The firm plans to increase the dividend by 3 percent per year

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Chichen Itza Inc. just paid its first annual dividend of $1.60 a share. The firm plans to increase the dividend by 3 percent per year indefinitely. What is the firm's cost of equity if the current stock price is $22 a share? 11.93 percent 12.68 percent 10.49 percent 13.47 percent

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