Now that you have the dividend data, calculate the annualized dividend growth rate over the $5$ years using the rate function in Excel. Provide your five annual dividend figures and Excel inputs in your post. Note that you will need to utilize the rate function just one time, via the variables described below. Provide your rate $($answer$)$ to two decimal places.

Here are the rate function variables: nper$=$ the number of year$-$over$-$year periods, which will be $4$ in this case $($yrs $1-2,$ yrs $2-3,$ yrs $3-4,$ yrs $4-5)$; $pv=$ earliest annual dividend $($from $5yrs$ ago$)$; $fv=$ most recent annual dividend. Note that Excel needs a negative sign on either the $pv$ or $fv$ variable to avoid an error message. This goes back to cash inflows versus outflows, although that concept isn't really applicable here.

Paste a copy of your Excel formula into the post. It can be copied from the formula bar on the Excel page, next to the fxicon. Don't use cell references in the formula so we can see the actual figures used $($and so you don't need to attach an Excel file$).$ Provide any additional comments or details about your search or the stock that you'd like.

Do not attach Excel files or pictures to your post$($s$).$ Provide only the inputs required above, the Excel formula via the rate function $($without cell references$),$ and your commentary.