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PLEASE SHOW WORK 22. Suppose Massey Ltd. just issued a dividend of S.68 per share on its common stock. The company paid dividends of S.40,

PLEASE SHOW WORK

22. Suppose Massey Ltd. just issued a dividend of S.68 per share on its common stock. The company paid dividends of S.40, S.45, S.52 and S.60 per share in the last four years. If the stock currently sells for $12, what is your best estimate of the company's cost of equity capital

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