Assume ExxonMobil's price dropped to $$40$ overnight. Given the dividend growth rate of ExxonMobil of $8\mathrm{.}00\%$ and the last annual dividend of $$1\mathrm{.}55,$ what is the implied required rate of return necessary to justify the new lower market price of $$40?$

What is the implied required rate of return necessary to justify the new lower market price of $$40?$

$6($Round to two decimal places.$)$