Messman Manufacturing will issue common stock to the public for $30. The expected dividend and the growth in dividends a

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Messman Manufacturing will issue common stock to the public for $30. The expected dividend and the growth in dividends a

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Messman Manufacturing will issue common stock to the public for$30. The expected dividend and the growth in dividends are $2.00per share and 6%, respectively. If the flotation cost is 15% of theissue's gross proceeds, what is the cost of external equity,re? Round your answer to two decimal places.
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