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The Company expects to announce their annual dividend of $ 3.03 next year and promises to increase its dividends at 3.07 % perpetually . even

The Company expects to announce their annual dividend of $ 3.03 next year and promises to increase its dividends at 3.07 % perpetually. even though you believe the required return on the stock is 8.51 % due to market conditions, you must purchase the stock for $ 9 above the intrinsic value today. At this higher purchase price, what is your expected rate of return (enter the number as a percentage)?

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