20. You applied for an Equity Analyst position with Goldman Sachs after graduating from College of Charleston. As part of the evaluation process, you have to take a test on stock valuation covering the following questions: Vineyard Vines Company just paid a dividend to dividend of $4.5 per share. The company expects the coming year to be very profitable, and its dividend is expected to grow by 10% over the next year. However, after next year Vineyard Vine's dividend is expected to grow at a constant rate of 3.5% per year. The risk-free rate is 4%, the market risk premium is 5.0%, and Vineyard's beta is 1.15. What is the dividend yield? a) 7.25% b) 8.25% c) 5.25% d) 6.25% e) 4.25%