CCR stock is currently trading for $$13\mathrm{.}75$ per share. The firm is expected to pay a dividend of $$1\mathrm{.}69$ per share in one year and to increase the dividend at $4\%$ each year thereafter. Based on the Dividend Growth Model, what the the annual required rate of return for CCR stock? Answer as a $\%$ to $2$ decimal places $($e$.$g$.,12\mathrm{.}34\%$ as $12\mathrm{.}34).$

Answer: