Calculate the required rate of return for Mudd Enterprises assuming that investors expect a $3\mathrm{.}5\%$ rate of inflation in the future. The real risk$-$free rate is $1\mathrm{.}0\%,$ and the market risk premium is $8\mathrm{.}0\%.$ Mudd has a beta of $1\mathrm{.}8,$ and its realized rate of return has averaged $14\mathrm{.}5\%$ over the past $5$ years. Round your answer to two decimal places.