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Slow 'n Steady, Inc., has a stock price of $32, will pay a dividend next year of $3.05, and has expected dividend growth of 1.4%

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Slow 'n Steady, Inc., has a stock price of $32, will pay a dividend next year of $3.05, and has expected dividend growth of 1.4% per year. What is your estimate of Slow 'n Steady's cost of equity capital? The required return (cost of capital) of levered equity is %. (Round to one decimal place.)

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