You are estimating the cost of equity using the dividend growth rate model. You collect the following cash dividend from the past five years: year one ($1.65), year two ($1.76), year three ($1.88), year four ($2.01), and year five ($2.14). Calculate the historical average for the dividend growth rate.

Select one: a. 7.3% b. 7.1% c. 6.9% d. 6.5% e. 6.7%