Q3

5 pts Question 3 The last five annual dividends for BettsCorp have been: $1.21, $1.35, $1.46, $1.55, and $1.68. Next year's dividend is expected to be $2. The current stock price is $167 per share. First, calculate the geometric average annual rate of growth based on the historical dividends (taking into account the previous five -- do not include next year's expected dividend in this calculation). Your estimate of R, the cost of equity, is %. Margin of error for correct responses: +/- 10%. Rounding and Formatting instructions: Do not enter dollar signs, percent signs, or commas in your response. Do not round any intermediate work, but round your *final response to 2 decimal places (example: if your answer is 12.3456%, you should enter 12.35)