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The current dividend yield on Clayton's Metals common stock is 2 . 5 percent. The company just paid a $ 1 . 5 0 annual

The current dividend yield on Clayton's Metals common stock is 2.5 percent. The company just paid a $1.50 annual dividend and announced plans to pay $1.21 next year. The dividend growth rate is expected to remain constant at the current level. What is the required rate of return on this stock?

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