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A company has reported $4 per share in earnings, and maintains a 50% dividend payout ratio. Its book value per share is $25. What is

A company has reported $4 per share in earnings, and maintains a 50% dividend payout ratio. Its book value per share is $25. What is the expected growth rate in dividends?
1. 4%
2. 8%
3. 12%
4. 16%

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