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a Carnes Cosmetics Co.'s stock price is $49, and it recently paid a $2.50 dividend. This dividend is expected to grow by 21% for the

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a Carnes Cosmetics Co.'s stock price is $49, and it recently paid a $2.50 dividend. This dividend is expected to grow by 21% for the next 3 years, then grow forever at a constant rate, a; and ts = 16% At what constant rate is the stock expected to grow after year 3? Do not round intermediate calculations, Round your answer to two decimal places

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