i just need answers for c please

2. Suppose Whitney Ltd. just issued a dividend of $2.08 per share on its common stock. The company paid dividends of $1.71, $1.82, $1.93, and $1.99 per share in the last 4 years. The 4 stock currently sells for $45. a. What is your best estimate of the company's cost of equity capital using the arithmetic average growth rate in dividends? (10 marks) b. What if you use the geometric average growth rate? (10 marks) c. What constraints are there in choosing a long-term dividend growth rate (e.g., minimums or maximums)? Explain your answer. (10 marks)