Calculate the required rate of return for Mudd Enterprises assuming that investors expect a 3.8% rate of inflation in the future. The real risk-free rate is 1.0%, and the market risk premium is 6.5%. Mudd has a beta of 2.4, and its realized rate of return has averaged 15.0% over the past 5 years. Round your answer to two decimal places. 22.51 %