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A company has common stock with a market price of $55 per share and an expected dividend of $2.81 per share at the end of

A company has common stock with a market price of $55 per share and an expected dividend of $2.81 per share at the end of the next year. Dividends paid on shares outstanding during the past five years are as follows:

Year Dividend
1 $2.00
2 2.14
3 2.29
4 2.45
5 2.62

The cost of the company's common stock is ?

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