Here's another example of how to use the dividend growth model to capture the cost of your equity. Suppose your company pays a dividend of $1.50 per share, and there's been steady growth in a dividend of 5.1%, the current price of your stock is $25. Here's how I put each of these figures into this equation. The $1.50 is my annual dividend. The stock price of $25, that goes in the denominator here, and then my 5.1% growth rate goes next to it, 0.051. This, 1.50, as a ratio of 25 is 6%, so when I add the 6% to the 0.051, I get 11.1%. One of the questions that may have come up is, how do you estimate the growth rate of your dividend? Here's an example using historical prices, where my dividend goes from 43 to 36, to $1.30, to $1.23, what have you. I am looking at the change of my dividend from one year to another as a ratio of my initial dividend. And so first year it's 5.7%, then 4.6%, 5.1%, 4.9%, and I could literally take the average of these things. Or, I could identify what the overall growth trend might be. In this case, the literal arithmetic average is 5.1%, and that's why I'm using 5.1%. But it could be that I engage in a little bit of sensitivity analysis, and that is, identify what the average is using arithmetics. I could look at what the mode is, what's the growth rate on average that comes up more often than anything else? And say, this is what my cost of equity is based on the average growth rate, this is what is based on the mode growth rate. So then I say, eh, it's between 10 and let's say 11%, between 11 and let's say 12%. What we don't want to do is, we don't want to make assumptions that are unreasonable, and we always want to use the decision model in such a way that it gives us better decisions. So sometimes that means hedging our bets a little bit and saying, well, under this assumption, we get this number, and under slightly different assumptions, we get this different number. And so our range of interest rates based on our equity is between 10 and 11% or between 11 and 13%.