The total market capitalisation of the New Zealand stock market (NZX) is currently $168 billion. Assume that companies listed on the NZX distributed a total of $10b to shareholders (combining dividends and share repurchases) last year. The market risk premium is 7.5% and the risk-free rate is 2.5%. Assuming a constant dividend growth rate, the implied dividend growth rate for the market as a whole is: %. Note: Please provide your answer in percent with two decimal points in the format of xx.xx (for example, if the answer is 12.345%, type in 12.35)