Corporation's stock had a required return of 11.50% last year, when the risk-free rate was 5.50% and the market risk premium was 4.75%. Now suppose there is a shift in investor risk aversion, and the market risk premium increases by 2%. The risk-free rate and corporation's beta remain unchanged. What is corporation's new required return?

14.03% 14.38% 14.74% 15.10% 15.48%