A firm wishes to issue new shares of its stock, which already trades in the market. The current stock price is $41, the most recent dividend was $2 per share, and the dividend is expected to grow at a rate of 7% forever. Flotation costs for this issue are expected to be 12%. What is the required rate of return in this new issue?

Enter your answer as a percentage, rounded to two decimals. So, if your answer is 0.123456, enter 12.34.