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XXX will pay an annual dividend of $1.90 per share one year from today. The stock currently sells for $24.67 per share. Given the firms

XXX will pay an annual dividend of $1.90 per share one year from today. The stock currently sells for $24.67 per share. Given the firm’s risk, the required rate of return for the stock is 12.30%. What must be the expected growth rate of the firm’s dividends?

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