Arctic Company showed the following balances for the previous year: Line Item Description January 1 December 31 Stockholders' equity: Common stock, $5 par $5,000,000 $5,000,000 In the previous year, Arctic Company paid $1,450,000 dividends to its common stockholders and the market price per share of common stock was $23. Calculate the dividend yield for Arctic Company. (Round your answer to two decimal places.)