Nagla'a has invested her money in Widget Inc.'s common stock. She estimates that the stock has a beta of 1.10, and the expected return on the market is 12 percent. Given that the risk-free rate is 3.6 percent, what is the stock's expected return? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Expected return

%