Instructions	Do not do any interim rounding. For numeric answers, state values to 2 decimal places (24.50 for dollar values or 2.50 for years, etc), and percentages as percentages to 2 decimal places (9.25 not .0925). Do not include labels such as $, %, or words. For multiple-choice questions, choose the best answer.

Crake & Beales paid dividends of $3.78 per share over the last twelve months, the stock price is $52.19, and the discount rate is 9.87%. Assuming the constant growth model applies. the dividend growth rate percentage is: