You believe the stock market is overvalued right now, so you don't believe historical risk premiums are useful for estimating the equity risk premium today. Calculate an implied equity risk premium using the following data:

The S&P $500$ index opened today at $4,975\mathrm{.}51.$

According to analysts, cash flows for stockholders $($including dividends$)$ will be $6\%$ of the index next year.

Analysts forecast those cash flows will grow at $3\%$ for the long term.

Treasury.gov says the $1-$month T$-$bill is $5\mathrm{.}49\%$ while the $10-$year T$-$bond is $4\mathrm{.}27\%.$

Assume you are an investor with a long$-$term horizon.