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IBM expects to pay a dividend of $5 next year and expects these dividends to grow at 6% a year. The price of IDM is
IBM expects to pay a dividend of $5 next year and expects these dividends to grow at 6% a year. The price of IDM is $85 per share. What is IDM's cost of equity capital?
A. 10.69%
B. 9.51%
C. 11.88%
D. 11.29%
Please don't use excel and can you go step by step
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