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Tanrun Inc. is expected to pay an annual dividend of $0.45 per share in one year. Analysts expect the firm's dividends to grow by 3%

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Tanrun Inc. is expected to pay an annual dividend of $0.45 per share in one year. Analysts expect the firm's dividends to grow by 3% forever. Its stock price is $36.7 and its beta is 0.9. The risk-free rate is 2% and the expected market risk premium is 4.5%. What is the best guess for the cost of equity

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