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DTE Energy Company (DTE), a utility firm, has been paying dividends for a long time. The firm paid $5.9 last year (D0 = $5.9). It

DTE Energy Company (DTE), a utility firm, has been paying dividends for a long time. The firm paid $5.9 last year (D0 = $5.9). It is expected that the firm will increase dividends at a constant growth rate of 3%. The stock is currently selling for $132. What is the cost of (common) equity? Cost of equity = __________%

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