Juggernaut Satellite Corporation earned $$18\mathrm{.}4$ million for the fiscal year ending yesterday. The firm also paid out $30$ percent of its earnings as dividends yesterday. The firm will continue to pay out $30$ percent of its earnings as annual, end$-$of$-$year dividends. The remaining $70$ percent of earnings is retained by the company for use in projects. The company has $2\mathrm{.}4$ million shares of common stock outstanding. The current stock price is $$97.$ The historical return on equity $($ROE$)$ of $12$ percent is expected to continue in the future. What is the required rate of return on the stock? $($Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$