Stock R has a beta of $1\mathrm{.}6,$ Stock S has a beta of $0\mathrm{.}75,$ the expected rate of return on an average stock is $12\%,$ and the risk$-$free rate is $5\%.$ By how much does the required return on the riskier stock exceed that on the less risky stock? Do not round intermediate calculations. Round your answer to two decimal places.

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