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Fred's Lawn and Garden's last dividend per share was $2.31. The stock sells for $15 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 $2.31. The stock sells for $15 per share, and the expected growth rate for the company is 8%. Calculate the company's cost of equity. What is the company's cost of equity? 96 (Round to two decimal places)

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