Nagel Equipment has a beta of 0.78 and an expected dividend growth rate of 3.20% per year. The 'T-bill rate is 4.00%, and the T-bond rate is 5.40%. The annual return on the stock market during the past 4 years was 10.25%. Investors expect the average annual future return on the market to be 14.90%. Using the SML, what is the firm's required rate of return? Do not round your intermediate calculations. a. 12.50% b. 16.01% c. 9.18% O d. 12.81% O e. 11.62%