Calculate the required rate of return for Mudd Enterprises assuming that investors expect a $3\mathrm{.}2\%$ rate of inflation in the future. The real risk$-$free rate is $1\mathrm{.}5\%,$ and the market risk premium is $5\mathrm{.}5\%.$ Mudd has a beta of $1\mathrm{.}7,$ and its realized rate of return has averaged $13\mathrm{.}5\%$ over the past $5$ years. Round your answer to two decimal places.