Juggernaut Satellite Corporation earned $$20\mathrm{.}3$ 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 $2\mathrm{.}1$ million shares of common stock

outstanding. The current stock price is $$82.$ The historical ROE of $10$ percent is expected to continue in the future.

What is the required rate of return on the stock? $($Do not round intermediate calculations and round the answer to $2$ decimal

places.$)$

Rate of return

$\%$