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DEF Inc. paid $6.6 Dividends in the current year. The dividend are expected to grow at 6.7% indefinitely. The Company' wants to issue new stock

DEF Inc. paid $6.6 Dividends in the current year. The dividend are expected to grow at 6.7% indefinitely. The Company' wants to issue new stock at $62. The cost of issue will be $ 7 . What is the cost of this new equity? (Please show work).

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