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HighGrowth Company has a stock price of $19.13. The firm will pay a dividend next year of $1.20, and its dividend is expected to grow

image text in transcribed HighGrowth Company has a stock price of $19.13. The firm will pay a dividend next year of $1.20, and its dividend is expected to grow at a rate of 3.7% per year thereafter. What is your estimate of HighGrowth's cost of equity capital? HighGrowth's cost of equity capital is j. (Round to two decimal places.)

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