CCR stock is currently trading for $29.83 per share. The firm is expected to pay a dividend of $3.46 per share in one year and to increase the dividend at 4.1% each year thereafter. Based on the Dividend Discount Model, what the the annual required rate of return for CCR stock? Answer as a \% to 2 decimal places (e.g., 12.34\% as 12.34)