First Bank's annual dividends are indicated below. Find the required rate of return for this stock, assuming 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 $30.00.

What was the required return for First Bank's stock?

Year	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010
Dividend	$0.85	$0.94	$0.99	$1.09	$1.14	$1.20	$1.32	$1.39	$1.53	$1.68

What was the estimated annual required return for First Bank's stock?