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Seafood Company stock currently sells for $56 per share. The company is expected to pay a dividend of $2.45 per share next year, and analysts project that dividends should increase at 5.4 percent per year for the indefinite future. What must the relevant discount rate be for Atlantis stock? (Round your answer to 2 decimal places. Omit the "%" sign in your response.)

Discount rate          %

Financial Management, Finance

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