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The Drogon Co. just issued a dividend of $2.95 per share on its common stock. The company is expected to maintain a constant 6.1 percent

The Drogon Co. just issued a dividend of $2.95 per share on its common stock. The company is expected to maintain a constant 6.1 percent growth rate in its dividends indefinitely.

If the stock sells for $59 a share, what is the companys cost of equity?

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