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Fred's Lawn and Garden's last dividend per share was $1.53. The stock sells for $15 per share, and the expected growth rate for the company

Fred's Lawn and Garden's last dividend per share was

$1.53.

The stock sells for

$15

per share, and the expected growth rate for the company is

12%.

Calculate the company's cost of equity.

What is the company's cost of equity?

nothing%

(Round to two decimal places.)

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