Estimate the annual required rate of return for BTO stock, using the Dividend Discount Model. BTO just paid an annual dividend of $14.24 per share, and the concensus analyst estimate is that the dividend will grow at 5% each year. The current market value of B TO stock is $104.56 per share. Answer as a \% to 2 decimal places (e.g., 12.34\% as 12.34)