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The Down and Out Co. just issued a dividend of $1.55 per share on its common stock. The company is expected to maintain a constant

The Down and Out Co. just issued a dividend of $1.55 per share on its common stock. The company is expected to maintain a constant 0.05 growth rate in its dividends indefinitely. If the stock sells for $23.81 a share, what is the company's cost of equity? Enter the answer with 4 decimals (e.g. 0.1234)

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