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Falon Corporation is issuing new common stock at a market price of $28.34. Dividends last year were $1.36 and are expected to grow at an

Falon Corporation is issuing new common stock at a market price of $28.34. Dividends last year were $1.36 and are expected to grow at an annual rate of 7.3 percent foreer. What is Falon's cost of common equity on capital? (Round to two decimal places)

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