Carnes Cosmetics Co$.\text{'}$s stock price is $$49,$ and it recently paid a $$1\mathrm{.}75$ dividend. This dividend is expected to grow by $16\%$ then grow forever at a constant rate, $g$; and $r_5=12\%.$ At what constant rate is the stock expected to grow after Year $3?$ intermediate calculations. Round your answer to two decimal places.

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