Calculate the growth for FIS dividends using the constant$-$growth dividend discount formula, assuming that next year$$s annual dividend $($Forward Annual Dividend Rate$)$ is $$1\mathrm{.}44,$ the current FIS price is $$72,$ the $10-$year US Treasury $($certainty$-$rate$)$ is $4\mathrm{.}6\%$ab$,$ and the FIS risk premium is $7\%$ab$.$

For calculating the implied dividend growth rate it is easiest to pretend that the dividend is paid annually and that all rates are annual rates $($annually$-$compounded$).$ In other words D$1=$ "Forward Annual Dividend Rate". In reality the dividend is paid quarterly, and so it would be more "accurate" to use the quarterly dividend and calculate quarterly$-$compounded rates. But there is a lot of uncertainty in the forward $($expected$)$ dividend rates anyway, and so doing everything quarterly seems to me like being very precise in calculations but using numbers with considerable uncertainty.$)$

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