9 O Macy's Corporation next annual dividend is expected to be $0.76, and its current stock price is $55.25. Assuming the company's cost of equity 1 capital is 8%, use the dividend discount valuation model to estimate the company's growth rate. 2 13 a) 1.7% 14 b) 6.6% 15 c) 7.7% 16 d) 9.4% 17