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In early 20 20 , Exim Corporation issued new common stock at a market price of $ 25 . Dividends last year were $ 1

In early 2020, Exim Corporation issued new common stock at a market price of $25. Dividends last year were $1.50 and are expected to grow at an annual rate of 4 percent forever. Floatation costs will be 4 percent of market price. What is Exims cost of equity for the new issue?

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