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The common stock for Greenland Financials currently sells for $45 per share. The firm's last dividend was $1.50, and its dividends are anticipated to grow

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The common stock for Greenland Financials currently sells for $45 per share. The firm's last dividend was $1.50, and its dividends are anticipated to grow at the rate 10% as they did over the past. Flotation costs for new shares will be $3.75 per share. Calculate the company's cost of a new common stock issue. Round your calculations to the nearest 0.01% 14%

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