I am trying to calculate the value of multiple stock shares using the constant growth formula. This is 1 out of the 20 I have been asked to figure out, but if I know how to do one I can probably figure out the others. I am having trouble figuring out the growth rate in order to solve value of the share of common stock.

How do I calculate the growth rate for this stock given the following information:

Stock Number: 1

Total Dividend for year 2003: $0.95

5-Year Dividend Growth: 0.58%

Beta: 0.74

Required Return: 0.1002

Price as of 1/05/2004: $14.89