In September 2008, Dell's shares traded at $20.50 each. In its last annual report, Dell had reported book value of $3,735 million with 2,060 million shares outstanding. Analysts were forecasting earnings per share of $1.47 for fiscal year 2009 and $1.77 for 2010. Dell pays no dividends.

Given the analysts' forecasts, what was the market's forecast of the residual earnings growth rate after 2010?