Perez Rivera Manufacturing is expected to pay a dividend of $1.50 per share at the end of the year (D1 = $1.50). The stock sells for $34.50 per share, and its required rate of return is 11.5%. The dividend is expected to grow at some constant rate, g, forever. What is the equilibrium expected growth rate?

	a.	6.46%
	b.	6.63%
	c.	6.80%
	d.	6.97%
	e.	7.15%