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HighGrowth Company has a stock price of $23. The firm will pay a dividend next...

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Finance

HighGrowth Company has a stock price of $23. The firm will pay a dividend next year of $0.99, and its dividend is expected to grow at a rate of 3.8% per year thereafter. What is your estimate of HighGrowth's cost of equity capital? (Round to one decimal place.)

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