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Carnes Cosmetics Co.'s stock price is $45, and it recently paid a $1.50 dividend. This dividend is expected to grow by 17% for the next

image text in transcribed Carnes Cosmetics Co.'s stock price is $45, and it recently paid a $1.50 dividend. This dividend is expected to grow by 17% for the next 3 years, then grow forever at a constant rate, g; and rs=10%. At what constant rate is the stock expected to grow afte Year 3? Do not round intermediate calculations. Round your answer to two decimal places. %

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