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3. Calculating Cost of Equity. Stock in Keene Industries has a beta of 1.20. The market risk premium is 7 percent, and T-bills are currently yielding 5.5 percent. Keene's most recent dividend was $2.20 per share, and dividends are expected to grow at a 5 percent annual rate indefinitely. If the stock sells for $36 per share, what is vour best estimate of Keene's cost of equity