Nagel Equipment has a beta of 0.90 and an expected dividend growth rate of 3.60% per year. The T-bill rate is -4.00%, and the T-bond rate is 4-55% 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 13.05%. Using the SML, what is the firm's required rate of return? Do not round your intermediate calculations. 0 968# Ob. 12.15% O 11.75 Od: 12.20 15.30h