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Suppose currently Samsung's common stock is selling for $230. The company announced that it will give $2.89 dividend next year and it plans to grow

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Suppose currently Samsung's common stock is selling for $230. The company announced that it will give $2.89 dividend next year and it plans to grow the dividend by 3% every year. Given the information what is the market's required rate of return for the stock? (Round your answer to two decimal points)

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