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Please show work/steps with a formula or excel. Assume ExxonMobil's price dropped to $40 overnight. Given the dividend growth rate of ExxonMobil of 5.00% and

image text in transcribed Please show work/steps with a formula or excel.

Assume ExxonMobil's price dropped to $40 overnight. Given the dividend growth rate of ExxonMobil of 5.00% and the last annual dividend of $1.35, what is the implied required rate of return necessary to justify the new lower market price of $40? MOWE What is the implied required rate of return necessary to justify the new lower market price of $40? ]% (Round to two decimal places.)

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