Item$9$

$8\mathrm{.}33$

points

Time Remaining $1$ hour $43$ minutes $40$ seconds$01$:$43$:$40$

PrintReferencesCheck my workCheck My Work button is now disabledItem $9$

Time Remaining $1$ hour $43$ minutes $40$ seconds$01$:$43$:$40$

A stock sells for $$25.$ The next dividend will be $$3$ per share. If the rate of return earned on reinvested funds is a constant $10\%$ and the company reinvests a constant $30\%$ of earnings in the firm, what must be the discount rate?

Note: Do not round your interm