An analyst gathered the following information for a stock and market parameters: stock beta = 1.15; expected return on the Market = 11.11%; expected return on T-bills = 3.76%; current stock Price = $7.75; expected stock price in one year = $13.44; expected dividend payment next year = $1.87. Calculate the required return for this stock. Please share your answer as a percentage rounded to 2 decimal places.