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Messman manufacturing will issue common stock to public for $30. The expected dividend and the growth in dividends are $3.00 per share and 5%, respectively.

Messman manufacturing will issue common stock to public for $30. The expected dividend and the growth in dividends are $3.00 per share and 5%, respectively. If the flotation cost is 10% of issue's gross proceeds, what is the cost of external equity, re?

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