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Richey Co. is expected to pay a dividend of $2 per share at the end of year 1(D1), and the dividends are expected to grow

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Richey Co. is expected to pay a dividend of $2 per share at the end of year 1(D1), and the dividends are expected to grow at a constant rate of 4% forever. If the current price of the stock is $20 per share, calculate the expected/required return or the cost of equity capital for the firm

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