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Carnes Cosmetics Co . ' s stock price is $ 3 8 , and it recently paid a $ 1 . 7 5 dividend. This

Carnes Cosmetics Co.'s stock price is $38, and it recently paid a $1.75 dividend. This dividend is expected to grow by 19% for the next 3 years, then grow forever at a constant rate, g; and rs =15%. 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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