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Messman Manufacturing will issue common stock to the public for $30. The expected dividend and growth in dividends are $2.25 per share and 3%, respectively.

Messman Manufacturing will issue common stock to the public for $30. The expected dividend and growth in dividends are $2.25 per share and 3%, respectively. If the flotation cost is 15% of the issue gross proceeds, what is the cost of external equity, re? Round your answer to two decimal places. ? %

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