Caccamise Company is expected to maintain a constant $3\mathrm{.}4$ percent growth rate in its dividends, indefinitely. If the company has a dividend yield of $5\mathrm{.}3$ percent, what is the required return on the company's stock?

Note: Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$

Required return