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The stock price of Baskett Co. is $72.6. Investors require a return of 10.7 percent on similar stocks. If the company plans to pay a

The stock price of Baskett Co. is $72.6. Investors require a return of 10.7 percent on similar stocks. If the company plans to pay a dividend of $5.91 next year, what growth rate is expected for the company's stock price?

(Do not round intermediate calculations and round your answer to two decimal points, i.e. 32.16)

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