13 A company has common stock with a market price of P54.50 per share and an expected dividend of P2.81 per share at the end of the coming year. The dividends paid on the outstanding stock over the...

A company has common stock with a market price of P54.50 per share and an expected dividend of P2.81 per share at the end of the coming year. The dividends paid on the outstanding stock over the past five years are as follows:
Year      Dividend
1      P2.20
2      P2.31
3      P2.43
4      P2.55
5      P2.68


The cost of the company’s common stock equity is

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