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Salte Corporation is issuing new common stock at a market price of $27.92. Dividends last year were $1.43 and are expected to grow at an

Salte Corporation is issuing new common stock at a market price of $27.92. Dividends last year were $1.43 and are expected to grow at an annual rate of 5.8 percent forever. What is Salte's cost of common equity?

The company's cost of common equity is __%.

(Round to two decimal places.)

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