Firm A and B are two firms with the same business risk but different policies. Firm A pays no dividend, whereas firm b has an expected dividend yield of 4.5 per cent. Suppose the capital gains tax is zero, whereas the average income tax rate is 35 per cent. Firm A has an expected earnings growth rate of 15 per cent annually, and its share price is expected to grow at this same rate. If the after-tax expected returns on the two shares are equal (because they are in the same risk class), what us the pretax required return on firm Bs shares?