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Glenna Gayle common stock sells for $55, and dividends paid last year were $1.35. Flotation costs on issuing stock will be 8% of the

Glenna Gayle common stock sells for $55, and dividends paid last year were $1.35. Flotation costs on issuing stock will be 8% of the market price. The dividends are predicted to have a 10% growth rate. What is the cost of new equity for Glenna Gayle?

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