Utilize the Nasdaq website to find the dividend history for a stock $($not ETF$)$ of your choosing $($except for the short list of stocks that appears on the initial page under Most Popular Dividend History Pages; don't use any of these stocks$).$ Obtain the most recent $5$ calendar years of annual dividends $($full $4$ quarters worth$).$ Note that the dividends will be listed by quarter so you'll need to add the quarters together for a particular year to get the annual dividend for that year.

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Now that you have the dividend data, calculate the annualized dividend growth rate over the $5$ years using the rate function in Excel. Provide your five annual dividend figures and Excel inputs in your post. Note that you will need to utilize the rate function just one time, via the variables described below. Provide your rate $($answer$)$ to two decimal places.

Here are the rate function variables: nper $=$ the number of year$-$over$-$year periods, which will be $4$ in this case $($yrs $1-2,$ yrs $2-3,$ yrs $3-4,$ yrs $4-5)$; pv $=$ earliest annual dividend $($from $5$yrs ago$)$; fv $=$ most recent annual dividend. Note that Excel needs a negative sign on either the pv or fv variable to avoid an error message. This goes back to cash inflows versus outflows, although that concept isn't really applicable here.