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  3. the down and out co. just issued a dividend of $2.

The Down and Out Co. just issued a dividend of $2.40 per share on its...

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Accounting

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The Down and Out Co. just issued a dividend of $2.40 per share on its common stock. The company is expected to maintain a constant 5.5 percent growth rate in its dividends indefinitely. If the stock sells for $52 a share, the company's cost of equity is percent. (Do not include the percent sign (%). Round your answer to 2 decimal places, (e.g., 32.16))

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