Estimating Stock Value Using Dividend Discount Model with Increasing Perpetuity

Kellogg pays $$2\mathrm{.}00$ in annual per share dividends to its common stockholders, and its recent stock price was $$82\mathrm{.}50.$ Assume that Kellogg$$s cost of equity capital is $5\mathrm{.}0\%.$

Estimate Kellogg$$s expected growth rate based on its recent stock price using the dividend discount model with increasing perpetuity.

Do not round until your final answer. Round answer to one decimal place $($ex: $0\mathrm{.}0245=2\mathrm{.}5\%).$

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