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Waterworks has a dividend yield of 8.24%. If its dividend is expected to grow at a constant rate of 4.14%, what must be the expected

Waterworks has a dividend yield of 8.24%. If its dividend is expected to grow at a constant rate of 4.14%, what must be the expected rate of return on the companys stock? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

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