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Carnes Cosmetics Co . ' s stock price is $ 5 6 , and it recently paid a $ 2 . 0 0 dividend. This

Carnes Cosmetics Co.'s stock price is $56, and it recently paid a $2.00 dividend. This dividend is expected to grow by 16% for the next 3 years, then grow forever at a constant rate, g; and rs =11%. At what constant rate is the stock expected to grow after Year 3?

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