Company D just paid a dividend of $3.65 per share. The company will increase its dividend by 20% next year and will then reduce its dividend growth rate by 5% per year until it reaches the industry average of 5% dividend growth (i.e. 15%, 10%, 5%), after which the company will keep a constant growth rate forever. if the stock price is $67.25 and all the dividend information remains the same. What required return must investors be demanding on the companys stock?