8-22 Expected Return Paychex Inc. (PAYX) recently paid an $0.84 dividend. The divi- dend is expected to grow at a 15 percent rate. At a current stock price of $40.11, what is the return shareholders are expecting?

8-22 Expected Return Paychex Inc. (PAYX) recently paid an $0.84 dividend. The dividend is expected to grow at a 15 percent rate. At a current stock price of $40.11, what is the return shareholders are expecting? (LG8-5)