1) The current price of SPY (as of writing) is $380.50. Over the past 12 months, SPY has paid $6.2 in dividends per share. What is the trailing twelve month dividend yield for SPY? Express your answer as a percent.

2) In recent history, dividends have grown about 6% per year for SPY. Using the Gordon Growth Model, and assuming this dividend growth rate continues, what is the discount rate implied by the current price? Express your answer in percent.

3) The risk free rate (yield on US Treasuries) is now approximately 4%. Using the CAPM, what is the implied market risk premium in the discount rate you just found? Express your answer in percent.