A firm earned $$17\mathrm{.}20$ million for the fiscal year ending yesterday. The firm also paid out $40$ percent of its earning as dividends yesterday. The firm will continue to pay out $40$ percent of its earning as annual end of the year dividends. The remaining $60$ percent of earnings is retained by the company for use in projects. The company has $2\mathrm{.}5$ million shares of common stock outstanding. The current stock price is $$70.$ The historical return on equity $($ ROE$)$ of $9\mathrm{.}8$ percent is expected to continue in the future. What is the required rate of return on the stock? $($Hint: use the rentention ration and ROE to estimate the growth rate$)$