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Earnings per share was $4.76 in 2014 and $3.39 in 2009. Growth has been steady the last 5 years and is expected to stay steady.

Earnings per share was $4.76 in 2014 and $3.39 in 2009. Growth has been steady the last 5 years and is expected to stay steady. The company pays out 35% of earnings as dividends. Given a stock price at $36.20, what is the cost of equity?

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