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The market price of a stock is $40.31 and it is expected to pay a $3.01 dividend next year. The dividend is expected to grow

The market price of a stock is $40.31 and it is expected to pay a $3.01 dividend next year. The dividend is expected to grow at 2.17% forever. What is the required rate of return for the stock?

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Answer format: Percentage Round to: 0 decimal places (Example: 9%, % sign required. Will accept decimal format rounded to 2 decimal places (ex: 0.09))

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