At the end of 2010 the value of the S&P 500 Index divided by the estimated 2010 earnings for S&P 500 firms (the S&P 500 P/E multiple) was 18.66. Assume that the long-term Treasury bond yield was 4.25 percent, the market risk premium was 6.01 percent, and firms in the S&P 500 were expected to pay out an average of 40.9 percent of their earnings as dividends in the future. At what rate were dividends paid by S&P 500 firms expected to grow in the future?