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This answer applies the dividend growth to next year's dividend, making next year's dividend $2.75 instead of $2.50 as it is stated. See the correct answer for a complete explanation.
This answer does not include the 10% flotation costs. See the correct answer for a complete explanation.
The cost of funds from the sale of new shares of stock can be calculated with the following formula: d1 Cns = ---------------+ g P n Where: Cns = Cost of the new issuance of common stock d1 = The next dividend to be paid Pn = Net proceeds of the issue (selling price minus issuance costs) g = Annual expected % growth in dividends Inputting the information into this equation we get: 2.50 Cns = ------------------------+.10 = .1556, or 15.56% 50 ? (.10 × 50)
This answer uses the present value of the next year's dividend, instead of the cash value. See the correct answer for a complete explanation.