Josh Purchased 100 Shares of XOM at the Beginning of 2016

Multiple Choice

Josh purchased 100 shares of XOM at the beginning of 2016. He received dividends per share of $1.37 (2016) , $1.55 (2017) , $1.66 (2018) , $1.74 (2019) , $1.85 (2020) . At the end of 2020, just after receiving the last dividend, he sold the stock for $84.76. At what rate did the dividends grow from the end of 2016 to the end of 2020? Assume that all dividends were received at the end of the year.

A) 7.8%
B) 6.2%
C) 13.1%
D) 35%