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Arts and Crafts, Inc., will pay a dividend of $4 per share in 1 year

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Question

Arts and Crafts, Inc., will pay a dividend of $4 per share in 1 year. It sells at $80 a share, and firms in the

same industry provide an expected rate of return of 15%. What must be the expected growth rate of the company’s dividends? (Do not round intermediate calculations. Enter your answer as a whole percent.)

  Expected growth rate% 
 
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