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Suppose Google Corp is issuing new common stock at a market price of $15. The company gave 50.71 last year and expects it to grow

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Suppose Google Corp is issuing new common stock at a market price of $15. The company gave 50.71 last year and expects it to grow at an annual rate of 3.3% in the foreseeable futureIf the flotation costs is expected to be 16% of market price of the stock then, what is company's cost of equity? (State your answer in percentage with two decimal point)

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