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Martin Industries just paid an annual dividend of $1.80 a share. The market price of the stock is $51.50 and the growth rate is 5.6

Martin Industries just paid an annual dividend of $1.80 a share. The market price of the stock is $51.50 and the growth rate is 5.6 percent. What is the firm's cost of equity?

16.72 percent
8.80 percent
9.81 percent
9.29 percent
5.16 percent

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