Mercury Satellite Corporation earned $$25$ million for the fiscal year ending yesterday. The firm's policy is to pay out $40$ percent of its earnings as dividends. The remaining $60$ percent of earnings is retained by the company for use in projects. The company has $2\mathrm{.}9$ million shares of common stock outstanding. The current stock price is $$109.$ The historical return on equity $($ROE$)$ of $11$ 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$.,32\mathrm{.}16.)$