From Yahoo! Finance or another online source, select a company that’s been listed for at least 10 years and find out dividends per share for 10 years. Use an Excel spreadsheet like the template below to find the company’s historical dividend growth rate.

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1 2345678 9 10 11 12 13 A GROWTH RATE FOR A DIVIDEND STREAM Dividend ($) Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Annual Growth Rate B 0.26 0.34 0.34 0.5 0.55 0.55 0.55 0.73 0.64 0.72 =RATE((A12-A3),0,-B3,B12,0) Entry in Cell B13 is =RATE((A12-A3),0,-B12, B8,0). The expression (A12-A3) in the entry calculates the number of years of growth. The minus sign appears before B3 because the dividend in a year is treated as a cash outflow.