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Vale is the Brazil-based competitor of Rio Tinto. The firm's stock price is currently trading at USD13 per share. If the firm plans to

Vale is the Brazil-based competitor of Rio Tinto. The firm's stock price is currently trading at USD13 per share. If the firm plans to distribute USD0.4 per share in cash dividends in 2020, what is the implied cost of equity if the terminal growth rate is equal to 3%?

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