Consider the following information which relates to a given company: 2019 Value $6.2 Item Earnings Per Share Price Per Share (Common Stock) Book Value (Common Stock Equity) Total Common Stock Outstanding Dividend Per Share $39.85 $61.44 million 2.27 million $4.31 Analysts expect that the company could maintain a constant annual growth rate in dividends per share of 5.68% in the future, or possibly 7.24% for the next 2 years and 5.28% 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 8.01% to 10.06%. Currently, the risk-free rate is 5.23%. Required: Determine the new required return for the firm's stock. % (ROUND YOUR ANSWER TO 2 DECIMAL PLACES. FOR EXAMPLE: 17.23)