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Please explain how this answer was found? it was marked correct. Question 9 4/4 pts What is the cost of equity for the following company?

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Please explain how this answer was found? it was marked correct.

Question 9 4/4 pts What is the cost of equity for the following company? It pays a dividend of 2$, its current market price is 20$, growth rate of 5% and it has a 5% flotation cost. 11.1% % None of the above

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