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Elk City Utility recently paid a dividend of $3.81 per share. Dividends are expected to...

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Elk City Utility recently paid a dividend of $3.81 per share. Dividends are expected to grow at a rate of 3.90%. Elk City stock currently sells for $37.95 per share. If you were on the utility regulatory commission, what rate of return would you allow Elk City to earn? Round your answer to 2 decimal places.) Rate of return

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