Crane, Inc., is expected to grow at a constant rate of 6.00 percent. If the company's next dividend, which will be paid in a year, is $1.24 and its current stock price is $22.35, what is the required rate of return on this stock? (Round intermediate calculations to 4 decimal places, e.g. 1.5325 and final answer to 2 decimal places, eg. 17.54%.) Rate of return %