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

Carnes Cosmetics Co.'s stock price is $45, and it recently paid a $1.00 dividend. This dividend is expected to grow by 21% 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? Do not round intermediate calculations. Round your answer to two decimal places.

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