A company earned $$13\mathrm{.}00$ million for the fiscal year ending yesterday. The company also paid out $40$ percent of its earnings as dividends yesterday. The firm will continue to pay out $40$ percent of its earnings as annual, end$-$of$-$year dividends. The remaining $60$ percent of earnings is retained by the company for use in projects. The company has $2\mathrm{.}5$ million shares of common stock outstanding. The current stock price is $$50.$ The historical return on equity $($ROE$)$ of $10$ percent is expected to continue in the future. What is the required rate of return on the stock? $($Hint: the growth rate can be estimated as the product of the retention ratio and ROE $($i$.$e$.,$ retention ratio$*$ROE$))$