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Capri Inc's shares are currently trading at 345c, up from 295c one year ago. Earnings per share are currently at 35c and the dividend per share is 21c. Analysts forecast the company's expected growth rate as 10% per annum. Capri Inc's equity beta factor is 1.2 and the average market return is 12%. The risk-free rate of return is 6% and the basic rate of income tax is 30%. Calculate Capri's cost of equity using the capital asset pricing model (to one decimal place). ________% |