Marcelo Company' stock has a beta of 0.97. The market risk premium is ten percent while T-bills are currently yielding five and one half percent. The company's most recent dividend was 1.70 per share,...

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Extracted text: Marcelo Company' stock has a beta of 0.97. The market risk premium is ten percent while T-bills are currently yielding five and one half percent. The company's most recent dividend was 1.70 per share, and dividends are expected to grow at a seven percent annual rate indefinitely. The stock sells for 32 a share. What is the estimated cost of equity?