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Cost of common equity) Falon Corporation is issuing new common stock at a market price of $27.34. Dividends last year were $1.29 and are expected

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Cost of common equity) Falon Corporation is issuing new common stock at a market price of $27.34. Dividends last year were $1.29 and are expected to grow at an annual rate of 7.6 percent forever. What is Falons cost of common equity capital? The company's cost of common equity is % (Round to two decimal places.)

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