Exxon Mobil Corp. has paid out the following quarterly dividend in the past 10 years:

Year	Quarterly Dividend	Annual Dividend
2016	0.75	3.00
2015	0.73	2.92
2014	0.69	2.76
2013	0.63	2.52
2012	0.57	2.28
2011	0.47	1.88
2010	0.44	1.76
2009	0.42	1.68
2008	0.40	1.60
2007	0.35	1.40
2006	0.32	1.28

The current stock price is $83. The average return on equity for Exxon Mobil in the past five years was 5.24% and the payout ratio was 138%. Investors require a 12% return (based on CAPM) on its stock. Use three methods (historical growth rate, Gordon model and earnings retention model) to estimate the growth rate for Exxon Mobil based on the above information given. In the historical growth rate method, use both the compound growth and regression. Explain your final estimate.