Lifecycle Motorcycle Company's beta is 0.8, the market expected return is 20%, and the risk-free rate is 6%. The company is expected to pay a dividend in year 1 of $2, a dividend in year 2 of $3, and a dividend in year 3 of $4. After year 3, dividends are expected to grow at the rate of 6% per year. We try to use the multistage DDM model to calculate the stock price. The appropriate discount rate should be __________________.