Calculate the required rate of return for Mudd Enterprises assuming that investors expect a $4\mathrm{.}4\%$ rate of inflation in the future. The real risk$-$free rate is $2\mathrm{.}0\%,$ and the market risk premium is $5\mathrm{.}0\%.$ Mudd has a beta of $1\mathrm{.}2,$ and its realized rate of return has averaged $9\mathrm{.}5\%$ over the past $5$ years. Round your answer to two decimal places.