Estimate the annual required rate of return for BTO stock, using the Dividend Discount

Model. BTO just paid an annual dividend of $$20\mathrm{.}55$ per share, and the concensus analyst

estimate is that the dividend will grow at $7\mathrm{.}1\%$ each year. The current market value of BTO

stock is $$144\mathrm{.}04$ per share. Answer as a $\%$ to $2$ decimal places $($e$.$g$.,12\mathrm{.}34\%$ as $12\mathrm{.}34).$

Answer: