First Bank's annual dividends are indicated below. Find the required rate of retum for this stock, assurning the future dividend growth rate will remain the same and the company has an infinite horizon. Assume the January 1, 2011 price of the stock was $42.00 What was the required return for First Bank's stock? Year 2001 2002 2001 -2004 2005 2004 200 2001 2008 2010 Dividend $0.90 $0.97 $1.02 $1.10 $1.16 $1 22 $1 32 $139 $1.50 $1 62 What was the estimated annual required return for First Bank's stock? 1% (Round to two decimal places.)