According to Exhibit 3 of the case, the current P/E ratio is 13.8 (i.e., P0/E0 = 13.8). Using the 20-year T-bond rate of 5.45% from Exhibit 8 of the case, assuming the stock market premium is 7%, and UST's equity beta is 0.65, and UST will maintain a dividend payout ratio equal to the 5-year average dividend payout ratio from 1994 until 1998, what is the implied earnings constant growth rate, g