Chapter 13, Problem 31P

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Financial Accounting Question: A new common stock issue that paid a $1.77 dividend last year. The par value of the stock is $15, and the firm's dividends per share have grown at a rate of 7.8% per year. The growth rate is expected to continue in the foreseeable future. The price of this stock is now 27.33. The cost of common equity for the firm is %. Answer: 14.78%

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