New Castle Company common stock has a beta of 2.9. The stock currently pays a dividend of $3 per share. The risk-free rate is 8 percent, and the market risk premium is expected to be 8.0 percent. The returns from New Castle stock are normally distributed with an expected value of 24 percent and a standard deviation of 12 percent. Determine the required rate of return for New Castles common stock assuming that systematic market risk is the only risk priced into the firm's required rate of return. You may answer in percent form without the %.