Estimate the annual required rate of return for BTO stock, using the Dividend Discount Model. BTO just paid an annual dividend of $17.27 per share, and the concensus analyst estimate is that the dividend will grow at 6.1% each year. The current market value of BTO stock is $243.34 per share. Answer as a % to 2 decimal places (e.g., 12.34% as 12.34).