Question 15 Kellogg Co. expects to pay dividend of $1.76 per share next year to its shareholders. The dividend is expected to grow at a constant rate each year thereafter. Kellogg's current stock price is $58.67 per share. Kellogg's cost of equity capital is 5%. Using the dividend discount model with growing perpetuity, what is the market implied dividend growth rate for Kellogg? 3% 2% 2.5% 1%