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On their latest income statement, Ryker's Bakery reported sales of $667,000, costs of $388,800, depreciation of $109,800, and dividends of $77,161. The company's return on

On their latest income statement, Ryker's Bakery reported sales of $667,000, costs of $388,800, depreciation of $109,800, and dividends of $77,161. The company's return on equity is 11.8 percent, and they face a 21 percent tax rate. Assuming the ratio of dividends to earnings in constant, estimate the growth rate of dividends.

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