3. Mikkelson Corporation's stock had a required return of 11.0% last year, when the risk-free rate was 3% and the market risk premium was 6.0%. Then a decrease in investor risk aversion caused the market risk premium to decline by 2%. The risk-free rate and the firm's beta remain unchanged. What is the company's new required rate of return for its stock? (Hint: First calculate the beta, then find the required return.) Do not round your intermediate calculations.