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A firm's stock is selling for $80. The next annual dividend is expected to be $3.00....

A firm's stock is selling for $80. The next annual dividend is expected to be $3.00. The growth rate is 10%. The flotation cost is $5. What is the cost of retained earnings? (Round your answer to 2 decimal places.) 15.20% 11.60% 13.75% 12.40%

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