Calculation using Gordon Growth Model:

• P = D₁ / (r - g)
• $28.45 = $1.23 / (0.092 - g)
• 0.092 - g = $1.23 / $28.45 = 0.04324
• g = 0.092 - 0.04324 = 0.04876 = 4.876%

This rounds to 4.88%, which matches option C. Let me recalculate:

Actually, $1.23 / $28.45 = 0.04324 0.092 - g = 0.04324 g = 0.092 - 0.04324 = 0.04876 = 4.876%

This is closest to 4.88% (option C), not 4.67%.