Constant growth rate is 6.5% and an expected dividend yield is 3.4% then an expected rate of return would be

In this case, $d = 3.4\%$ and $g = 6.5\%$. Substituting these values into the formula, we get:

$r = 3.4\% + 6.5\% = 9.90\%$

Therefore, the expected rate of return is 9.90%.

Option B is incorrect because it is the dividend yield, not the expected rate of return.

Option C is incorrect because it is the constant growth rate, not the expected rate of return.

Option D is incorrect because it is the sum of the dividend yield and the constant growth rate, not the expected rate of return.