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Pharoah Tire Co. just paid an annual dividend of $1.20 on its common shares. If...

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Finance

Pharoah Tire Co. just paid an annual dividend of $1.20 on its common shares. If Pharoah is expected to increase its annual dividend by 2.10 percent per year into the foreseeable future and the current price of Pharoahs common shares is $19.11, what is the cost of common stock for Pharoah? (Round intermediate calculations to 4 decimal places, e.g. 0.1555 and final answer to 2 decimal places, e.g. 15.25%.)

Answer: Cost of common stock is %

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