Consider the following information which relates to a given company: Item 2019 Value $6.85 $36.63 Earnings Per Share Price Per Share (Common Stock) Book Value (Common Stock Equity) Total Common Stock Outstanding $64.12 Million 2.5 Million Dividend Per Share $5.22 Analysts expect that the company could maintain a constant annual growth rate in dividends per share of 6.06% in the future, or possibly 8.53% for the next 2 years and 6.11% 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 8.6% to 1.3%. Currently, the risk-free rate is 2.6%. Required: Determine the current required return for the firm's stock. % (ROUND YOUR ANSWER TO 2 DECIMAL PLACES. FOR EXAMPLE: 17.23)