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Arts and Crafts, Inc. will pay a dividend of $2.50 per share in the coming year. The current stock price is $40 a share. Stocks

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Arts and Crafts, Inc. will pay a dividend of $2.50 per share in the coming year. The current stock price is $40 a share. Stocks in the same industry provide an expected rate of return of 15%. What must be the expected growth rate of dividends? Report the answer rounded to two decimal places and without the % symbol. [ For example report 1.25% as 1.25]

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