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HighGrowth Company has a stock price of $21. The firm will pay a dividend next year of $0.98, and its dividend is expected to grow

HighGrowth Company has a stock price of

$21. The firm will pay a dividend next year of

$0.98, and its dividend is expected to grow at a rate of

4.4% per year thereafter. What is your estimate of HighGrowth's cost of equity capital? (%)

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