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Faster Foods Inc. is expected to pay an annual dividend of $4.51 per share on its common stock next year. The current stock price is

Faster Foods Inc. is expected to pay an annual dividend of $4.51 per share on its common stock next year. The current stock price is $73.07 per share. The company announced that it will increase its dividends by 3.65 percent annually. What is the companys cost of equity? Round your final answer to at least 4 decimal places.

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