why is the cost of financing a project with retained earnings less  than the cost of financing it with a new issue of common stock?

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter6: Fixed-income Securities: Characteristics And Valuation
Section: Chapter Questions
Problem 12QTD
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why is the cost of financing a project with retained earnings less 
than the cost of financing it with a new issue of common stock?

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