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Turbo Technology is selling for $31 per share and is expected to pay a dividend of $3 per share at the end of the year.

Turbo Technology is selling for $31 per share and is expected to pay a dividend of $3 per share at the end of the year. Its stock has a required rate of return of 4%. What is the constant growth rate of dividend?

a. 6.12%

b. 5.88%

c. 5.23%

d. 4.85%

e. 4.32%

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