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Wiley Company's common stock price is $30. The company just paid a dividend of $1.0 and expected it will increase at a constant growth rate

Wiley Company's common stock price is $30. The company just paid a dividend of $1.0 and expected it will increase at a constant growth rate of 3.2 percent. If the company issued new stock, it would incur a 18 percent floatation cost. What would be the cost of equity from new stock?

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