Jand, Incorporated, currently pays a dividend of $$1\mathrm{.}42,$ which is expected to grow indefinitely at $5\%.$ If the current value of Jand$$s shares based on the constant$-$growth dividend discount model is $$36\mathrm{.}91,$ what is the required rate of return? $($Do not round intermediate calculations. Round your answer to $2$ decimal places.$)$