In 2022, the US stock markets average dividend-price ratio was 1.5%, the investors expected that the average dividends would grow by 3% a year in the future, and the 10-year treasury bond yield (risk-free interest rate) was 3%. What was the implied risk premium on the US stocks in 2022?

Suppose at the end of 2023, investors find that the US stock markets average dividend-price ratio rises to 3% and the 10-year treasury bond yield rises to 4%; analysts find that the risk premium on the US stocks becomes 3% and expect that the future real GDP growth rate will be 1.5%. Given the information and assume that the investors expect the US stock dividends will grow at the same rate as nominal GDP in the future, what inflation rate should the investors expect the US economy to have in the future? (this question has 6 points)