4. (20 points) You observed the following history of annual dividends paid by the stock: $10, $10.5, $12, $14, $14.5. The company has just paid its most recent dividend of $16. The stock is traded at $250 per share. D. (a) (6 points) Compute the average annual growth rate over last 6 years. Hint: A growth rate between yeart and t +1 is g = Debt - 1. Average annual growth rate is a simple average over growth rates computed for all years. (b) (7 points) Assume that dividends are going to grow at the average rate you computed in part (a). What is required rate of return? (c) (7 points) Assume now that this historic trend in the dividend growth will only continue for 5 years, after which the growth rate will slow down by 3 percentage points (that is, growth rate will reduce from g to g -3%). Assume also that the required rate of return is the same in part (b). What should be the current stock price