Company FIN3610-ETRA's stock is currently selling for $42. The company aims to maintain a constant dividend growth rate and we also know the following information:

D₁ (dividend in the next period) = $2.08;

g (constant dividend growth rate) = 6%.

Please calculate the rate of return required by the company's shareholders

(Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)