9. Rochelle, Rochelle Partners stock currently trades at $49.50. It will pay dividends for the next four years of $1.80 each year. In year 5 the dividend will grow by 12%, and it will grow by an additional 12% per year compounded for the three years after that (years 6-8) as well. Starting in year 9, the dividend growth rate will settle into a steady rate of growth which you forecast to remain constant indefinitely from that point forward. Assuming your discount rate is 7.4%, what is the minimum rate of growth in the dividend you need to have from year 9 onward in order to justify the current price of the shares