Calculate the required rate of return for PPT Inc., assuming that (1) investors expect a 3.5% rate of inflation in the future, (2) the real risk-free rate is 3.2%, (3) the market risk premium is 5.5%, (4) the firm has a beta of 1.20, and (5) its realized rate of return has averaged 15.0% over the last 5 years. Do not round your intermediate calculations.

Group of answer choices

13.30%

12.76%

13.80%

14.00%

14.20%