Calculate the annual growth rate of the dividends. 

2. Identify the variables in the constant growth model with the E(Re): D1, P0, g (use year-end 2020 for P0).

3. Compute the cost of equity

Year	Annual Dividends	Growth Rate
2016	0.56
2017	0.62	10.31%
2018	0.71	14.63%
2019	0.76	7.80%
2020	0.81	6.25%
Total	2.89	9.75%