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Jand. Inc currently pays a dividend of $1.36. which is expected to grow indefinitely at 4%. If the current value of Jand's shares based on

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Jand. Inc currently pays a dividend of $1.36. which is expected to grow indefinitely at 4%. If the current value of Jand's shares based on the constant-growth dividend discount model is $34.66 what is the required rate of return? (Do not round intermediate calculations. Round your answer to 2 decimal

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