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You expect M company will have earnings per share of $3 this year and expect that they will pay out $1.00 of these earnings to

You expect M company will have earnings per share of $3 this year and expect that they will pay out $1.00 of these earnings to shareholders in the form of a dividend. M's return on new investments is 15% and their equity cost of capital is 14%. The expected growth rate for M's dividends is closest to:

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