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Holtzman Clothiers stock currently sells for $8.00 per share. The company just paid a dividend of $8.00 per share. The dividend is expected to grow

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Holtzman Clothiers stock currently sells for $8.00 per share. The company just paid a dividend of $8.00 per share. The dividend is expected to grow at a constant rate of 5.4% per year. If the company issued new stock, it would incur a 9% flotation cost. What would be the cost of equity from new stock? State your answer as a percentage to 2 decimal places

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