Excelor stock is expected to pay $2.40 per share as its next annual dividend. The firm has a policy of increasing the dividend by 8.0 percent annually. The stock has a market price of $13.53 and a beta of 2.2. The market risk premium is 8.50 percent and the risk-free rate is 4.60 percent. What is the cost of equity? 23.87 percent 24.91 percent 24.52 percent 23.44 percent