was just $2.99. After underpricing and flotation costs, the firm expects to net $43.59 per share on a new issue. a. Determine average annual dividend growth rate over the past 5 years. Using that growth rate, what dividend would you expect the company to pay next year? b. Determine the net proceeds, Nn, that the firm will actually receive. c. Using the constant-growth valuation model, determine the required return on the company's stock, rs, which should equal the cost of retained earnings, rr. d. Using the constant-growth valuation model, determine the cost of new common stock, rn. a. The average annual dividend growth rate over the past 5 years is 6 . (Round to two decimal places.)