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DEF Inc. paid $6.7 Dividends in the current year. The dividend are expected to grow at 8.8% indefinitely. The Company' wants to issue new stock

DEF Inc. paid $6.7 Dividends in the current year. The dividend are expected to grow at 8.8% indefinitely. The Company' wants to issue new stock at$59. The cost of issue will be $ 7 . What is the cost of this new equity?

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