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The stock price of XYZ Co. is $22.97. Investors require an 8.57 percent rate of return on similar stocks. If the company plans to pay

The stock price of XYZ Co. is $22.97. Investors require an 8.57 percent rate of return on similar stocks. If the company plans to pay a dividend of $3.48 next year, what constant growth rate (in percent) is expected for the company's stock price? Answer to two decimals. (no excel)

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