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For $20, PowerUp Engineering will sell common stock to the general public. The anticipated dividend is $3.29 per share, and the predicted dividend growth is

For $20, PowerUp Engineering will sell common stock to the general public. The anticipated dividend is $3.29 per share, and the predicted dividend growth is 7%. What is the cost of external equity (in percent) if the flotation cost is 10% of the issue's gross proceeds?

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