Company X has fallen on difficult times, and will be reducing its dividend by 5% per year for the forseeable future. The price of the stock is $20, and the company is expected to pay a $2 per share dividend next year. What is the required rate of return of the stock?

ENTER YOUR ANSWER AS A NUMBER WITHOUT THE PERCENT SIGN (i.e. 10% should be entered as 10; 10.5% entered as 10.5, etc.).