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Tip Top Hats (TTH) is expected to grow at 4 percent for as long as it is in business. Currently the company's common stock is selling for $23 per share. The most recent dividend paid by TTH was $3,50 per share. If new common stock is issued, TTH will incur flotation cost equal to 8 percent. What is the companys cost of retained earnings? Round your answer to two decimal places.
Sagot :
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