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Problem 7-10 Growth Rates (LO 1] The stock price of Alps Co. is $53.80. Investors...

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Problem 7-10 Growth Rates (LO 1] The stock price of Alps Co. is $53.80. Investors require a return of 12 percent on similar stocks. If the company plans to pay a dividend of $3.55 next year, what growth rate is expected for the company's stock price? (Do not round Intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Growth rate %

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