Smith & Sons, Inc., disclosed the following information in a recent annual report: 2015 2016 Net Income $31,500 $49,500 Preferred stock dividends 2,700 2,700 Average common stockholders' equity 960,000 1,200,000 Dividend per common share 1.08 1.08 Earnings per share 1.52 1.64 Market price per common share, year-end 15.60 16.80 Calculate the dividend yield for Smith & Sons for 2015 and 2016. Round answers to one decimal place. (Ex. 0.2345 = 23.5%)

2015 Answer _____ % 2016 Answer ____ %

Did the dividend yield improve from 2015 to 2016?

The dividend yield Answer declined from 2015 to 2016.