At the end of the year 2016 Brown Bear Corporation paid dividends $4.12 per share. The company projects the following annual growth rates in dividends:

Year Growth Rate

2017 14%

2018 14%

2019 14%

2020 9%

2021 6%

2022 4%

From year 2023 onward growth in dividends is expected to remain constant at 3% per year. The required rate of return for this stock is 12.37%.

Calculate the economic value of the stock now (end of the Year 2016).

Green Company's common stock is currently selling for $79.05 per share. Last year, the company paid dividends of $3.39 per share. The projected growth at a rate of dividends for this stock is 2.72 percent. Which rate of return does the investor expect to receive on this stock if it is purchased today?

Round the answer to two decimal places in percentage form. (Write the percentage sign in the "units" box).