Consider the following information which relates to a given company:

Item	2019 Value
Earnings Per Share	$6.41
Price Per Share (Common Stock)	$36.88
Book Value (Common Stock Equity)	$60.83	Million
Total Common Stock Outstanding	2.1	Million
Dividend Per Share	$4.7

Analysts expect that the company could maintain a constant annual growth rate in dividends per share of 6.03% in the future, or possibly 8.54% for the next 2 years and 6.44% 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 8.76% to 6.6%. Currently, the risk-free rate is 5.8%.

Required: Determine the new required return for the firm's stock.

Answer% (ROUND YOUR ANSWER TO 2 DECIMAL PLACES. FOR EXAMPLE: 17.23)