CCR stock is currently trading for $$35\mathrm{.}5$ 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 $6\mathrm{.}1\%$ 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$.,12\mathrm{.}34\%$ as $12\mathrm{.}34).$

Answer: