Consider the following information which relates to a given company:

Item

2019 Value

Earnings Per Share

$6.84

Price Per Share (Common Stock)

$36.65

Book Value (Common Stock Equity)

$64 Million

Total Common Stock Outstanding

2.8 Million

Dividend Per Share

$4.08

Analysts expect that the company could maintain a constant annual growth rate in dividends per share of 6% in the future, or possibly 8% for the next 2 years and 7% thereafter. In addition, it is expected that the risk of the firm, as measured by the risk premium on its stock, to increase immediately from 8.7% to 12%. Currently, the risk-free rate is 5%.

Required: (c) Determine the current required return for the firm's stock.

INPUT YOUR ANSWER AS A PERCENT ROUNDED TO 2 DECIMAL PLACES FOR EXAMPLE: 28.41%.