Calculate the required rate of return for Climax Inc., assuming that (1) investors expect a 4.0% rate of inflation in the future, (2) the real risk-free rate is 3.0%, (3) the market risk premium is 5.0%, (4) the firm has a beta of 2.50, and (5) its realized rate of return has averaged 15.0% over the last 5 years. Do not round your intermediate calculations. In order for an answer to be marked correct, the response needs to be =/- 0.1 from the correct answer. Enter your answer in percentage format without using the % sign.