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Four years ago a company paid a dividend of $610,000 on a share capital of 4 million ordinary shares of 50c. It has just paid a dividend of $960,000 on the same capital, and the current market price of the shares is 300c. What is the estimated cost of equity capital? A. 21.0% B. 23.5% C. 22.3% D. 20.0% |