Suppose Matta Ltd. just issued a dividend of $2.46 per share on its common stock

Suppose Matta Ltd. just issued a dividend of $2.46 per share on its common stock. The company paid dividends of $1.96, $2.03, $2.20, and $2.30 per share in the last four years.
Arithmetic dividend growth rate
Geometric dividend growth rate

If the stock currently sells for $65, what is your best estimate of the company’s cost of equity capital using arithmetic and geometric growth rates?