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Paychex Inc. (PAYX) recently paid a dividend of $0.78. The dividend is expected to grow at a 15 percent rate. The current stock price is

Paychex Inc. (PAYX) recently paid a dividend of $0.78. The dividend is expected to grow at a 15 percent rate. The current stock price is $46.11. What is the return shareholders are expecting? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

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