NEXT Problem 13.20 al-a2 (Part Level Submission) (Solution Video) Pharoah Inc.'s common shares currently sell for $40 each. The firm's management believes that its shares should really sell for $60 each. The firm just paid an annual dividend of $2 per share and management expect those dividends to increase by 8 percent per year forever and this is common knowledge to the market). (ai) Your answer is correct. What is the current cost of common equity for the firm (Round final answer to 2 decimal places.. 15.25.) The current cost of common equity for the firm 13.4% Click if you would like to show Work for this question Open Show Work SHOW SOLUTION SHOW ANSWER TO TEXT Attempts: 1 of 2 used ( 2) What does management believe is the correct cost of common equity for the firm (Round final answer to 2 decimal places... 15.25.) Cost of common equity (as per firm's belief) would like to show Work for this mestim o n She