In the calculation of the weighted average cost of capital $($WACC$)$ Arryn Exploration has requested that you calculate the return on its ordinary shares. Arryn's ordinary shares currently trade on the AS at $$19\mathrm{.}4$ per share and the last dividend was of $$1\mathrm{.}9.$

Arryn Exploration has $21,000,000$ ordinary shares on issue that have a beta of $1\mathrm{.}77.$ Currently, the return on the market portfolio is $18\mathrm{.}5\%$ and the risk$-$free rate is $2\mathrm{.}50\%.$ What is the required return on one of Arryn Exploration's ordinary shares? Record your answer in decimals and to four decimal places $0\mathrm{.}0000,$ e$.$g$.$ your answer should be $0\mathrm{.}034$ not $3\mathrm{.}40\%$