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The estimated aggregate dividend payments on S&P 500 index in the next 12 months is $60. The current value of the S&P500 index is $2400.

The estimated aggregate dividend payments on S&P 500 index in the next 12 months is $60. The current value of the S&P500 index is $2400. If these dividends are anticipated to grow at 4% perpetuity, what is the implied required return on the S&P 500, assuming market is in equilibrium.

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