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Texas Tea's dividend policy calls for the dividend to be increased each year by the same rate. Last year, the company paid a dividend equal to $$2\mathrm{.}40$ per share.

This year, after the company initiates a $4-$for$-1$ stock split, Texas Tea expects to pay a dividend equal to $$0\mathrm{.}65$ per share. At what rate does Texas Tea increase

its dividend each year? Round your answer to two decimal places.

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