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Last year the Black Water Inc. paid dividends $3.07. Company’s dividends

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Last year the Black Water Inc. paid dividends $3.07. Company’s dividends
are expected to grow at an annual rate of 2% forever. The company’s common stock is currently selling on the market for $78.14. The investments banker will charge flotation costs $3.91 per share.
Calculate the cost of common equity financing using Gordon Model.

round to the 2 decimal places in percentage form

 
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