Problem $8-5$ Stock Valuation $[$LO$1]$

Caccamise Company is expected to maintain a constant $6\mathrm{.}8$ percent growth rate in its

dividends indefinitely. If the company has a dividend yield of $8\mathrm{.}6$ percent, what is the

required return on the company's stock? $($Do not round intermediate calculations and

enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

Required return $\%$

Please provide detailed step$-$by$-$step. TY