At the end of 2016 the value of the S&P 500 Index divided by the estimated 2016 earnings for S&P 500 firms (the S&P 500 P/E multiple) was 25.54. Assume that the long-term Treasury bond yield was 2.88 percent, the market risk premium was 5.92 percent, and firms in the S&P 500 were expected to pay out an average of 40.2 percent of their earnings as dividends in the future. At what rate were dividends paid by S&P 500 firms expected to grow in the future?