This set of problems is designed to be calculated using theExcel or financial calculator.You can also use algebraic formulas. Do not use financial tables to calculate these problems.

A firm's dividends have grown over the last several years. 8 years ago the firm paid a dividend of $2. Yesterday it paid a dividend of $6. What was the average annual growth rate of dividends for this firm?

Round the answer to two decimal places in percentage form.