Common stock value: Constant growth
The common stock of Denis and Denis Research, Inc., trades for $ 64 64 per share. Investors expect the company to pay a(n) $3.96 dividend next? year, and they expect that dividend to grow at a constant rate forever. If investors require a(n) 12% return on this stock, what is the dividend growth rate that they are anticipating?
The anticipated dividend growth rate is %. (Round to two decimal places.)