You can buy a share of Alcoa for $21.40 per share.

You expect the stock to pay future dividends at the

end of each year of the next 3 years as follows:

Year 1. $1.0700

Year 2. $1.1449

Year 3. $1.2250

The financial data is continuous.

You plan on selling Alcoa at the end of year 3 for $26.22

What is the expected growth rate in dividends over this 3 year time period.