Sheridan, Inc, is expected to grow at a constant rate of 6.50 percent. If the company's next dividend, which will be paid in a year, is $1.97 and its current stock price is $22.35, what is the required rate of return on this stock? (Round intermediate calculations to decimal places, e.g. 1.5325 and final answer to 2 decimal places, e.g. 17.54\%.) Rate of return %