A stock is currently selling at a price of $82.50 per share and just paid a dividend (today) of $4.00 per share. The firm's expected growth rate is 6.5 percent per year indefinitely. Required: What is the required rate of return on the stock to an investor who is willing to purchase it at its current market price? (Do not round intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).) Required return 1%