Use the following information for Questions 21 - 25. You have been asked to calculate a firm's WACC (weighted average cost of capital). The information you have gathered so far includes: . The firm's ROE is 10% and its Payout Ratio is 50% The firm has 10 million shares outstanding, each of which trades at a price of $10. The firm expects to pay a dividend of $1.00 at the end of the year. The firm has outstanding debt with a face value of $50 million. These are all 20-year bonds with a 6% coupon (paid semi-annually) and they are selling at a price of $1,273.55 per $1,000 bond. The yield on Treasury bills is 3%. The return on the market is 9% The firm's beta is 2. The firm's tax rate is 30%. What is the firm's growth rate, calculated using ROE and the Payout Ratio? Multiple Choice 3%