The Dividends Per Share Paid by Going Going Gone Inc

Multiple Choice

The dividends per share paid by Going Going Gone Inc. (GGG) doubled from a starting value of $1.50 in 2000 to a value of $3.00 in 2006 (a six-year period) . What was the approximate average annual rate of growth of GGG's dividends per share? Use the Rule of 72 to determine your answer.

A) GGG's dividends grew at an annual rate of approximately 12% per year.
B) GGG's dividends grew at an annual rate of approximately 10% per year.
C) GGG's dividends grew at an annual rate of approximately 8% per year.
D) GGG's dividends grew at an annual rate of approximately 6% per year.