Mikkelson Corporation's stock had a required return of 14.68 % last year, when the risk-free rate was 4.07 % and the market risk premium was 8.43 %. Then an increase in investor risk aversion caused the market risk premium to rise by 2%. The risk-free rate and the firm's beta remain unchanged. What is the company's new required rate of return? (Hint: First calculate the beta, then find the required return.)