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Fred's Lawn and Garden's last dividend per share was $0.65. The stock sells for $29 per share, and the expected growth rate for the company

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Fred's Lawn and Garden's last dividend per share was $0.65. The stock sells for $29 per share, and the expected growth rate for the company is 4%. Calculate the company's cost of equity. What is the company's cost of equity? % (Round to two decimal places.)

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