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Textile Mills is expected to pay an annual dividend of $0.88 a share next year. The market price of the stock is 20.57 and the

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Textile Mills is expected to pay an annual dividend of $0.88 a share next year. The market price of the stock is 20.57 and the growth rate is expected to be a constant 4 percent going forward. What is the firm's cost of equity? (round answer to whole number with two decimal points: ie. use 1.23 percent instead of 0.0123 )

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