Question: A stock is expected to pay a dividend next year of $2.3. The dividend amount is expected to grow at an annual rate of 6.4%

A stock is expected to pay a dividend next year of $2.3. The dividend amount is expected to grow at an annual rate of 6.4% indefinitely. Assuming a required return on the stock of 12% in the future, the dividend yield on the stock is ______%. Do not round any intermediate work, but round your final answer to 2 decimal places (ex: 12.34567% should be entered as 12.35). Margin of error for correct responses: +/- .05.

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