Required:

Jand, Incorporated, currently pays a dividend of $$1\mathrm{.}28,$ which is expected to grow indefinitely at $5\%.$ If the current value of Jand's

shares based on the constant$-$growth dividend discount model is $$31\mathrm{.}66,$ what is the required rate of return? $($Do not round

intermediate calculations. Round your answer to $2$ decimal places.$)$