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Which of the following best explains why the cost of equity is different for retained eamings vs. new issues of common stock? Retained eamings cannot

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Which of the following best explains why the cost of equity is different for retained eamings vs. new issues of common stock? Retained eamings cannot be quantified because there are no dividends to evaluate. Retained earnings do not consider the growth rate. Retained earnings do not have transaction costs. Retained earnings do not consider the time value of money

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