A firm's earnings per share is $5.33. It just paid a dividend of $2.75, and expects its next dividend to be $2.66. Its shares are currently priced at $29.13. If the firm's ROE is 9.65%, what is the required rate of return on the stock? Do not round any intermediate calculations. Report it as a whole number and round your answer to two decimal points. For example, if your answer is 17.857321%, you would type in 17.86 as your answer.