If the question is: Kaycee's Company paid a dividend yesterday of $3.50 per share.The dividend is expected to grow at a constant rate of 10% per year.The price of Kaycee's common stock today is $36 per share.Kaycee's marginal tax rate is 35%.Based on the above information, the cost of equity is _______. Is the answer 20.69% or 19.72%? I used this formula and got the 19.72...

R = (D/P_O) + g

R = ($3.50 / $36) + 10%

R = (.09722222) + .10.19722222

19.72%

What am I doing wrong?