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E9-3 Duke Energy has been paying dividends steadily for 20 years. During that time, dividends have grown at a compound annual rate of 3%. If

E9-3 Duke Energy has been paying dividends steadily for 20 years. During that time, dividends have grown at a compound annual rate of 3%. If Duke Energy's current stock price is $78 and the firm plans to pay a dividend of $6.50 next year, what is the required return on Duke's common stock? (2 pts)

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