Estimate the annual required rate of return for BTO stock, using the Constant Dividend Growth Model. BTO just paid an annual dividend of $5.64 per share, and the concensus analyst estimate is that the dividend will grow at 6.6% each year. The current market value of BTO stock is $121.46 per share. Answer as a % to 2 decimal places (e.g., 12.34% as 12.34).