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Lyft intends to issue new common stock. The stock is currently trading at $45.00 per share and the dividend this year was $1.50. You know

Lyft intends to issue new common stock. The stock is currently trading at $45.00 per share and the dividend this year was $1.50. You know that dividends are expected to grow at rate of 3%. If Lyft anticipates to pay 5.00% per share in flotation costs, what is the cost of equity? Use the dividend growth model to determine the cost of equity.

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