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Carnes Cosmetic's Co . ' s stock price is $ 4 7 , and it recently paid a $ 1 . 5 0 dividend. This

Carnes Cosmetic's Co

.'

s stock price is $

47,

and it recently paid a $

1.50

dividend. This dividened is expected to grow by

28 %

for the next

3

years, then grow forever at a constant rate, g; and rs

16 % .

At what constant rate is the stock expected to grow after Year

3 ?

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