Mercury Satellite Corporation earned $$16$ million for the fiscal year ending yesterday. The firm's policy is to pay out $30$ percent of its earnings as dividends. The remaining $70$ percent of earnings is retained by the company for use in projects. The company has $1\mathrm{.}5$ million shares of common stock outstanding. The current stock price is $$89.$ The historical return on equity $($ROE$)$ of $18$ percent is expected to continue in the future. What is the required rate of return on the stock?