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Cost of Equity: Dividend Growth Summerdahl Resort's common stock is currently trading at $22 a share. The stock is expected to pay a dividend

Cost of Equity: Dividend Growth Summerdahl Resort's common stock is currently trading at $22 a share. The stock is expected to pay a dividend of $1.50 a share at the end of the year (01 - $1.50), and the dividend is expected to grow at a constant rate of 3% a year. What is the cost of common equity? Round your answer to two decimal places.

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