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The common stock of a firm sells for $77.77 per share. The stock is expected to pay $1.89 per share next year (current dividend plus

The common stock of a firm sells for $77.77 per share. The stock is expected to pay $1.89 per share next year (current dividend plus next year's growth) when the annual dividend is distributed. The market rate of return on this stock is 7.32%. What is the market's expected future growth rate of the dividend?

    

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