Holtzman Clothiers's stock currently sells for $31 a share. It just paid a dividend of $1.75 a share (i.e., D0 = $1.75). The dividend is expected to grow at a constant rate of 8% a year.

what is the stock price expect to be 1 year from now-

What is the required rate of return? Round your answer to two decimal places. Do not round your intermediate calculations.