b. Suppose that the consensus forecast of nominal earnings and dividend growth of the S&P 500 for the next 5 years was 16% or 11% in real terms. Furthermore, since the long-term real growth of earnings and dividends in the American economy had been about 2%, allow dividend growth to drop to 2% after the fifth year and stay at that level in the future. How can you use these and the above data to estimate the prospective risk premium of equity over long-term Treasury bonds using Equation (3.7)?