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Problem 3: Michigan Corporation has its common stock selling for $60/ share and the current dividend (D0) is $4.00/ share. If dividends are expected to

Problem 3: Michigan Corporation has its common stock selling for $60/ share and the current dividend (D0) is $4.00/ share. If dividends are expected to grow at 6% per year then calculate the firm's cost of retained earnings (equity) using the dividend growth model

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