Question $16$ of $24$

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Carnes Cosmetics Co$.\text{'}$s stock price is $$51,$ and it recently paid a $$1\mathrm{.}00$ dividend. This dividend is expected to grow by $22\%$ for the next $3$ years, then grow

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forever at a constant rate, $g$; and $r_s=12\%.$ At what constant rate is the stock expected to grow after Year $3?$ Do not round intermediate calculations. Round

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your answer to two decimal places.

$20.\%$

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