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Please help the last person got this wrong! Assume ExxonMobil's price dropped to $31 overnight. Given the dividend growth rate of ExxonMobil of 5.00% and

image text in transcribed Please help the last person got this wrong!

Assume ExxonMobil's price dropped to $31 overnight. Given the dividend growth rate of ExxonMobil of 5.00% and the last annual dividend of $1.55, what is the implied required rate of return necessary to justify the new lower market price of $31? What is the implied required rate of return necessary to justify the new lower market price of $31? % (Round to two decimal places.)

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