Estimate the annual required rate of return for BTO stock, using the Dividend Growth Model. BTO just paid an annual dividend of $$8\mathrm{.}60$ per share, and the concensus analyst estimate is that the dividend will grow at $5\mathrm{.}1\%$ each year. The current market value of BTO stock is $$53\mathrm{.}87$ per share. Answer as a $\%$ to $2$ decimal places $($e$.$g$.,12\mathrm{.}34\%$ as $12\mathrm{.}34).$

Answer: