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Carnes Cosmetics Co.s stock price is $60, and it recently paid a $3.00 dividend. This dividend is expected to grow by 19% for the next

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Carnes Cosmetics Co."s stock price is $60, and it recently paid a $3.00 dividend. This dividend is expected to grow by 19% for the next 3 years, then grow forever at a constant rate. 9; and r8=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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