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Paccar s current stock price is $ 7 0 . 2 4 and it is likely to pay a $ 2 . 9 4 dividend

Paccars current stock price is $70.24 and it is likely to pay a $2.94 dividend next year. Since analysts estimate Paccar will have an 8.5 percent growth rate, what is its required return? (Round your answer to 2 decimal places.)

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