Problem $9-2$ Stock Values

The next dividend payment by Im$,$ Incorporated, will be $$1\mathrm{.}76$ per share. The dividends are anticipated to maintain a growth rate of $7$ percent forever. The stock currently sells for $$34$ per share. What is the required return? $($Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$