Stock X expects to pay a dividend of $12 one year from now, $13 two years from now and $15 three years from now. After that, annual dividends are expected to grow at a constant annual percentage rate (g) in perpetuity. The risk-free rate is 4.5%, the expected return on the market is 8.5% and Stock X has a beta of 2. If the CAPM holds and Stock X has a current stock price of $203.27, what must the dividend growth rate g be? Please round to the nearest percentage point.