Consider the following information which relates to a given company: Item 2019 Value Earnings Per Share $6.18 $37.06 Price Per Share (Common Stock) Book Value (Common Stock Equity) Total Common Stock Outstanding Dividend Per Share $64.36 Million 2.5 Million $4.31 Analysts expect that the company could maintain a constant annual growth rate in dividends per share of 6.5% in the future, or possibly 8.43% for the next 2 years and 6.57% 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 8.32% to 5.9%. Currently, the risk-free rate is 3.9%. Required: Determine the new required return for the firm's stock. % (ROUND YOUR ANSWER TO 2 DECIMAL PLACES. FOR EXAMPLE: 17.23)