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Year Dividend per share Number of shares Share price, end of year 2001 0.21 4,125,000 21.00 2002 0.25 4,000,000 20.50 2003 0.27 3,800,000 22.00 2004
| Year | Dividend per share | Number of shares | Share price, end of year |
| 2001 | 0.21 | 4,125,000 | 21.00 |
| 2002 | 0.25 | 4,000,000 | 20.50 |
| 2003 | 0.27 | 3,800,000 | 22.00 |
| 2004 | 0.32 | 3,800,000 | 21.80 |
| 2005 | 0.37 | 3,750,000 | 22.30 |
| Part A. Estimate the constant annual compounding growth rate based on the dividends 2001 through 2005. Anticipated dividend growth rate:
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