Estimate the annual required rate of return for BTO stock, using the Dividend Growth Model. BTO just paid an annual dividend of $12.65 per share, and the concensus analyst estimate is that the dividend will grow at 7% each year. The current market value of BTO stock is $203.85 per share. Answer as a % to 2 decimal places (e.g., 12.34% as 12.34).