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Pfizer is expected to pay an annual dividend of $1.85 one year from now. Dividends are expected to grow by 3.2% every year and the

Pfizer is expected to pay an annual dividend of $1.85 one year from now. Dividends are expected to grow by 3.2% every year and the current stock price is $291.1. The company is in the process of issuing new common stock, with flotation costs of $1.3 per share.

What is the cost of new common stock?

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