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The Tribiani Company just issued a dividend of $2.55 per share on its common stock. The company is expected to maintain a constant 5.3 percent

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The Tribiani Company just issued a dividend of $2.55 per share on its common stock. The company is expected to maintain a constant 5.3 percent growth rate in its dividends indefinitely, If the stock sells for $51 a share, what is the company's cost of equity? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

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