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HighValleyAntiques would like to issue new equity shares if its cost of equity declines to 10.5 percent. The company pays a constant annual dividend of

HighValleyAntiques would like to issue new equity shares if its cost of equity declines to 10.5 percent. The company pays a constant annual dividend of $1.60 per share. What does the market price of the stock need to be for the firm to issue the new shares?

Select one:

a. $15.24

b. $10.56

c. $17.33

d. $21.77

e. $14.48

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