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Duke Energy has been paying dividends steadily for 20 years. During that time, dividends have grown at a compound annual rate of 8%. If Duke

Duke Energy has been paying dividends steadily for 20 years. During that time, dividends have grown at a compound annual rate of 8%. If Duke Energy's current stock price is $70 and the firm plans to pay a dividend of $6.40 next year, what is the required return on Duke's common stock? The required return on Duke's common stock is %. (Round to two decimal places.)

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