Estimate the annual required rate of return for BTO stock, using the Dividend Discount Model. BTO just paid an annual dividend of $$12\mathrm{.}15$ per share, and the concensus analyst estimate is that the dividend will grow at $7\mathrm{.}5\%$ each year. The current market value of BTO stock is $$125\mathrm{.}71$ per share. Answer as a $\%$ to $2$ decimal places $($e$.$g$.,12\mathrm{.}34\%$ as $12\mathrm{.}34).$

Answer: