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Nonconstant growth Mitts Cosmetics Co.'s stock price is $75.43, and it recently paid a $2.25 dividend. This dividend is expected to grow by 26% for

Nonconstant growth

Mitts Cosmetics Co.'s stock price is $75.43, and it recently paid a $2.25 dividend. This dividend is expected to grow by 26% for the next 3 years, then grow forever at a constant rate, g; and rs = 11%. At what constant rate is the stock expected to grow after Year 3? Round your answer to two decimal places.

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