Suppose Pierce is currently distributing $70\%$ of its earnings in the form of cash dividends. It has also historically generated an average return on

equity $($ROE$)$ of $16\%.$ Pierce's estimated growth rate is

$\%.$Suppose Pierce is currently distributing $70\%$ of its earnings in the form of cash dividends. It has also historically generated an average return on equity $($ROE$)$ of $16\%.$ Pierce$$s estimated growth rate is $\%.$