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Arts and Crafts, Inc. will pay a dividend of $3 per share in 1 year. It sells at $30 a share, and firms in the

Arts and Crafts, Inc. will pay a dividend of $3 per share in 1 year. It sells at $30 a share, and firms in the same industry provide an expected rate of return of 16%. What must be the expected growth rate of the company's dividends?

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