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The stock price of XYZ Co. is $23.17. Investors require an 9.75 percent rate of return on similar stocks. If the company plans to pay

The stock price of XYZ Co. is $23.17. Investors require an 9.75 percent rate of return on similar stocks. If the company plans to pay a dividend of $2.78 next year, what constant growth rate (in percent) is expected for the company's stock price? Answer to two decimals.

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