Constant Dividend Growth Rate, gL

$1$uller's Investigative Services has stock is trading at $$55$ per share. The stock is expected to have a year$-$end dividend of $$3$ per share $(D_1=$$$3),$ and it is expected to grow at some constant rate, gL$,$ throughout time. The stock's required rate of return is $12\%($assume the market is in equilibrium with the required return equal to the expected eturn$).$ What is your forecast of gL$?$ Do not round intermediate calculations. Round the answer to two decimal places.

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