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Your company just issued a dividend of $2.54 per share on its common stock. The company is expected to maintain a constant 3.17 percent growth
Your company just issued a dividend of
$2.54
per share on its common stock. The company is expected to maintain a constant 3.17 percent growth rate in its dividends indefinitely. If the stock sells for
$16.42
a share, what is the company's cost of equity?\ (Do not round any intermediate calculations. List your answer as a percent, round your final answer to 2 decimal places and enter it in the box below.)
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