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The Barnhart Corporation was involved in issuing new common stock at a market price of $37. Dividends last year were $1.25 and are expected to

The Barnhart Corporation was involved in issuing new common stock at a market price of $37. Dividends last year were $1.25 and are expected to grow at an annual rate of 7 percent. Flotation costs will be $2.25. What is Barnhart's cost of common stock for the new issue?

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